PayPal secures cryptocurrency license from NYC state department of financial services
PayPal has never been a avid supporter of bitcoin and cryptocurrenices but a lot of non-believers have lately become bitcoin and cryptocurrency supporters. PayPal today has been granted cryptocurrency license from NYC state department of financial services and this will allow millions of PayPal users to purchase Bitcoin, Litecoin, Bitcoin Cash and Etheruem.
Paxos Trust, the company behind PAX stablecoin has partnered with PayPal to offer this service.
However, the biggest news is the ability to use bitcoin and other supporting cyptocurrencies to shop at the 26 million PayPal merchants. That is not it. PayPal is also preparing its vast network for new digital currencies that may be developed by central banks and corporations.
This means, we will see new digital currencies issued by central banks and PayPal will play an important role in distributing them. All cryptocurrencies will be settled in USD and this means the merchants accepting cryptocurrencies will not be receiving payments in virtual coins.
PayPal to allow cryptocurrency buying, selling and shopping on its network
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— Anna Irrera (@annairrera) October 21, 2020
PayPal processes around 346 million accounts and whopping 222 billion dollars in payments in Q2 2020. Naturally, PayPal entering the cryptocurrency arena is a big deal.