PayPal to allow cryptocurrency buying, selling and shopping on its network

Bitcoin surged to almost $13,000 for the first time since July 2019 after PayPal Holdings Inc. announced it will allow customers to use cryptocurrencies. It will allow the customers to buy, sell, and hold bitcoin and other virtual coins using the PayPal online wallets. PayPal customers will also be able to use cryptocurrencies to shop at the 26 million merchants on its network starting in early 2021, the company said in a statement.

“PayPal offering services to its customers to buy/sell cryptocurrencies is a positive sign for the overall ecosystem. Given the strong distribution and reach of PayPal, the huge user base of 346m+ globally, and many merchants around the world, with this service, it has given direct access to cryptocurrencies to numerous users. Although the users can’t redeem their Bitcoin outside PayPal, I believe it is a good starting step and it is likely that other major global payment players will follow the lead.”