PayPal Opens its platform to Cryptocurrency Transactions

PayPal Holdings Inc, a US-based online payments system has joined the cryptocurrency market.

The global firm that deals with online money transfers and serves as an electronic alternative to traditional paper methods, will allow its customers to buy, sell and hold bitcoin and virtual coins using PayPal’s online wallets.

PayPal subscribers will use virtual cash to shop at over 26 million merchants on its network, beginning early 2021, the firm said in a statement.

The global online company intends to prepare its network for the use of digital currencies and digital coins by central banks and other players in the digital currency space.

“We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role,” said the firm’s CEO in an interview with Reuters.

U.S. PayPal customers will buy, sell and hold bitcoins in their e- PayPal wallets over the coming weeks, the firm said.

PayPal has 346 million active users and processed US$222 billion in payments in the Q2.