PayPal Joins The Crypto World

Today marks the day when leading payment processor PayPal opens up for cryptocurrency-powered business. A driving force in the crypto world, PayPal is the next big company – after Square – to see the potential in cryptocurrencies and adapt.

Crypto License Granted

Following the first “conditional BitLicense” granted by the New York State Department of Financial Services, PayPal Holdings Inc. has teamed up with Paxos Trust Company – allowing customers to pay and be paid in cryptocurrencies using one of the most popular household names in the world of payments.

The DFS’s superintendent – Linda A. Lacewell – stated that this development is a direct result of their new approach to cryptocurrencies. Hoping to attract entrepreneurs and businessmen with a cutting-edge vision, cryptocurrencies were naturally a major area of interest.

“DFS’s approval today follows our June 2020 announcement for a new framework for a conditional Bitlicense to encourage, promote, and assist interested institutions to have a well-regulated way to access the New York virtual currency marketplace in a way that is both timely and protective of New York consumers, through partnerships with New York authorized virtual currency firms.”

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With over 26 million merchants and 325 million customers worldwide, this is a welcome addition for anyone who needs to make payments online. Other projects – such as the pending Cardano integration for Shopify stores are also bringing eCommerce and cryptocurrencies closer every day.

Although PayPal only provides support for cryptocurrencies in the USA for now, the first half of 2021 should bring the service to other markets worldwide – with Australia and the European Union among the chief markets targeted.

The cryptocurrencies supported initially will be Bitcoin, Ethereum, Bitcoin Cash, and Litecoin – although support for more cryptocurrencies should be added in the future.