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Monday, September 20, 2021

PayPal Will Allow Cryptocurrency Shopping on its Platform

PayPal announced on Wednesday morning it will now allow customers to buy, sell and hold cryptocurrencies, by using the United States digital payments company’s online wallets.

PayPal announced on Wednesday morning it will now allow customers to buy, sell and hold cryptocurrencies, by using the United States digital payments company’s online wallets.

In a statement, PayPal said that its customers will also be able to use the popular Bitcoin and other digital currencies to shop at the 26 million merchants on its network starting in the first quarter of 2021. 

The company’s President and Chief Executive Dan Schulman also said in the statement that it hopes the service will encourage global use of virtual coins and even prepare its platform for new cryptocurrencies that could be developed by corporations and central banks.

 “We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role,” Schulman said.

The company pointed out that American account holders will be able to buy, sell and hold cryptocurrencies in their PayPal wallets over the coming weeks. It also said it plans to expand to Venmo and some nations in the first half of next year.

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