PayPal is entering the cryptocurrency market. In the next few weeks, users in the United States will initially be able to trade multiple digital currencies, including bitcoin, on the platform. News Engadget.
Early next year, PayPal will be able to pay more than 28 million merchants using cryptocurrency. However they will not accept payments through Bitcoin, Ethereum, Bitcoin Cash or Litecoin. PayPal will pay them in traditional currency such as dollars instead of cryptocurrency.
The PayPal blockchain technology will provide detailed information to account holders to understand the digital currency ecosystem. Explain the risks and opportunities to invest in cryptocurrency.
PayPal does not have to pay any fees to buy or sell cryptocurrencies on the platform this year. There is also no separate fee for placing it in PayPal Wallet.
PayPal plans to launch its own cryptocurrency by mid-2021. PayPal has received the first Beatles license from the New York State Department in this regard.