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This Wendsday, 21 October 2020 , Paypal has officially announced that all Paypal customers will be able to use cryptocurrency like Bitcoin(BTC), ETH(Ethereum), BCH(Bitcoin Cash) and LTC(Litecoin) to shop at any merchant that has their services integrated. And all this is starting in Q1 2021. Ladies and gentlemen the cryptocurrency revolution can now BEGIN officially. This is considered huge news , as Paypal’s diffusion channel is immense.

The payments will be processed in fiat and similar to many existing cryptocurrency solutions the merchant will receive fiat as Paypal will only be a means of conversion. So in theory we can consider Paypal as an exchange.

The initial coins to be supported are limited to BTC, LTC, ETH, BCH as the payments processing giant has partnered with Paxos in order to deliver this type of service. Paypal has also obtained a cryptocurrency license from the NSDFS (New York Financial Services) which is limited for the moment but will surely evolve in the future.

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Another very important feature announced is that paypal users will be able to buy cryptocurrency directly on the platform and the assets will be stored in dedicated cryptocurrency wallets on the app.

With Paypal being by far, the largest payment provider with over 346 million users active on the platform and over $220B processed in the second quarter of 2020, this is in fact an amazing trampoline for Bitcoin, and all the cryptocurrencies in general.

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