PayPal to allow cryptocurrency buying, selling and shopping on its network
The German headquarters of PayPal is pictured at Europarc Dreilinden business park south of Berlin in Kleinmachnow By Anna Irrera LONDON (Reuters) - PayPal Holdings Inc (O:) joined the cryptocurrency market on Wednesday, allowing customers to buy, sell and hold bitcoin and other virtual coins using the U.S. digital payments company's 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.
Other mainstream fintech companies, such as mobile payments provider Square Inc (N:) and stock trading app firm Robinhood Markets Inc, allow users to buy and sell cryptocurrencies, but PayPal's launch is noteworthy given its vast reach. Cryptocurrency payments on PayPal will be settled using fiat currencies, such as the U.S. dollar, meaning merchants will not receive payments in virtual coins, the company said.
