PayPal will soon allow US users to buy, sell and shop with cryptocurrency
PayPal enters the cryptocurrency market. Starting in the next few weeks, users in the US will be able to buy, sell, and store cryptocurrency in their wallets.
Early next year, Americans will be able to use cryptocurrency to pay for goods from more than 26 million sellers who use PayPal. However, the latter will not receive payments in bitcoin, Ethereum or lightcoins. PayPal will make payments in paper currency – in dollars, for example.
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The company will provide information to help account holders understand blockchain technology, the digital currency ecosystem, and assess the “risks and opportunities associated with investing in cryptocurrency.”
Users will be able to store cryptocurrency for free, and it will be possible to buy and sell it without a commission only until December 31.
At the first stage, only users from the USA will be able to perform cryptocurrency transactions in the PayPal system. The feature will appear in a few weeks. In the first half of 2021, the company plans to enter the international market, adding the ability to work with digital currencies in the Venmo payment system.