PayPal to allow cryptocurrency buying, selling and shopping
PayPal Holdings Inc 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.
PayPal hopes the service will encourage global use of virtual coins and prepare its network for new digital currencies that may be developed by central banks and corporations, President and Chief Executive Dan Schulman said in an interview.
“We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role,” he said. U.S. account holders will be able to buy, sell and hold cryptocurrencies in their PayPal wallets over the coming weeks, the company said. It plans to expand to Venmo and some countries in the first half of 2021.
Other mainstream fintech companies, such as mobile payments provider Square Inc 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.
Cryptocurrencies tend to be volatile, making them attractive to speculators, but a lot less appealing to merchants and shoppers. Transactions have been slower and more costly than other mainstream payment systems. 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.
PayPal, which has secured the first conditional cryptocurrency license from the New York State Department of Financial Services, will initially allow purchases of bitcoin and other cryptocurrencies called ethereum, bitcoin cash and litecoin, it said. It partners with Paxos Trust Company to offer the service.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 60% | 92 | $20 353.32 | -1.42% | -0.53% | $388 337 068 695 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 55.6% | 90 | $1 151.44 | -2.30% | 3.97% | $139 711 766 983 |  |
|
| 3 |  USDT |
Tether predictions | 96% | 1 | $0.998798 | -0.02% | -0.02% | $66 744 611 923 |  |
|
| 4 |  USDC |
USD Coin predictions | 94% | 1 | $1.000111 | 0.01% | -0.01% | $55 808 782 078 |  |
|
| 5 |  BNB |
Binance Coin predictions | 58% | 89 | $229.09 | -1.23% | 5.90% | $37 404 633 525 |  |
|
| 6 |  BUSD |
Binance USD predictions | 92.8% | 1 | $1.001320 | -0.01% | 0.19% | $17 406 616 075 |  |
|
| 7 |  XRP |
XRP predictions | 63.6% | 80 | $0.339621 | -1.67% | 4.92% | $16 418 339 027 |  |
|
| 8 |  ADA |
Cardano predictions | 66.8% | 75 | $0.475803 | -0.50% | 1.15% | $16 059 575 338 |  |
|
| 9 |  SOL |
Solana predictions | 69.6% | 66 | $35.74 | -5.16% | -0.53% | $12 249 479 023 |  |
|
| 10 |  DOGE |
Dogecoin predictions | 64.4% | 80 | $0.067290 | -4.07% | 4.85% | $8 927 450 724 |  |
|
| 11 |  DOT |
Polkadot predictions | 65.2% | 78 | $7.40 | -2.37% | -2.27% | $7 303 239 049 |  |
|
| 12 |  DAI |
Dai predictions | 94.8% | 1 | $1.000334 | 0.13% | 0.07% | $6 716 941 097 |  |
|
| 13 |  TRX |
TRON predictions | 58.8% | 91 | $0.066436 | 0.34% | 2.24% | $6 144 991 551 |  |
|
| 14 |  SHIB |
SHIBA INU predictions | 64.8% | 74 | $0.000010 | -6.10% | 2.50% | $5 582 275 254 |  |
|
| 15 |  LEO |
UNUS SED LEO predictions | 74% | 50 | $5.75 | -1.64% | -0.47% | $5 487 883 492 |  |
