23 October 2020

PayPal offers crypto support for merchants and customers  

Written By FinTech Alliance

PayPal offers crypto support for merchants and customers  

PayPal has gained a licence to support cryptocurrency capabilities for its users.  

In Brief:  

  • The payments giant has been granted a conditional “Bitlicense” in New York.  

  • Users till be able to buy, hold and sell cryptocurrency via PayPal next year.  

  • The currencies will include Bitcoin, Bitcoin Cash, Ethereum and Litecoin.  

What does this mean?  

PayPal’s licence is the first to have been granted by the New York State Department of Financial Services. It is going to offer the capability to its 364mn users and 26mn merchants across the world, with consumers able to convert their crypto to fiat.  

Read more here.    

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