PayPal to Host Cryptocurrency Transactions
October 21 2020 - 08:46AM
Dow Jones News
By Dave Sebastian
PayPal Holdings Inc. said it will host cryptocurrency
payments.
The digital-payments company on Wednesday said it is debuting
its service due to rising interest in digital currencies from
central banks and consumers amid the Covid-19 pandemic.
Users would be able to buy, hold and sell cryptocurrency from
their PayPal accounts and make purchases at 26 million merchants
world-wide, PayPal said. The company's digital wallet will first
allow for the transaction of Bitcoin, Ethereum, Bitcoin Cash and
Litecoin, it said.
"The shift to digital forms of currencies is inevitable,
bringing with it clear advantages in terms of financial inclusion
and access; efficiency, speed and resilience of the payments
system; and the ability for governments to disburse funds to
citizens quickly," PayPal President and Chief Executive Dan
Schulman said.
The company, which has gotten a conditional Bitlicense from the
New York State Department of Financial Services, said the service
will be available in the U.S. in the coming weeks. It also plans to
expand the features to its Venmo platform and certain countries in
the first half of 2021, PayPal said.
PayPal said it won't charge cryptocurrency transaction costs
through the end of the year. It also won't charge fees for holding
cryptocurrency in a PayPal account.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
October 21, 2020 08:31 ET (12:31 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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