PayPal adds Litecoin.

Since early complaints and quietly released patents in 2014/15, many have wondered whether PayPal would finally jump into the emerging cryptocurrency world. Now, the company has announced that it is launching a new service that will allow users to buy, hold, and sell cryptocurrencies.

The shift to digital payments and digital representations of value continues to accelerate due to the COVID-19 pandemic and increased interest in digital currencies from central banks and consumers.

According to Onchain Bitcoin analysts, willy woo According to data collected by Glassnode, there are approximately more than 187 million Bitcoin users. Comparatively, Paypal’s reported user base stands at over 346 million users as of Q2 2020, which represents a significant increase in awareness and people in the retail sector who can quickly and easily purchase Bitcoin and Litecoin.

To increase consumer understanding and adoption of cryptocurrencies, the company will be able to buy, hold and sell select cryptocurrencies featuring Bitcoin, Ethereum, Bitcoin Cash and Litecoin directly within the PayPal digital wallet. We are introducing features. The service will be available to PayPal account holders in the United States in the coming weeks. The company plans to expand the feature to Venmo and select international markets in the first half of 2021.

Initial product offering is currently limited to purchasing, selling or holding products in the United States. Paypal has announced its intention to launch cryptocurrency services to its network of more than 26 million merchants.

Starting in early 2021, PayPal customers will be able to use their cryptocurrency holdings as a funding source to make payments at 26 million PayPal merchants around the world. Consumers can instantly convert their chosen cryptocurrency balances to fiat with no certainty of value and no incremental fees. There are no additional integrations or fees for PayPal sellers. This is because all transactions are settled in fiat currency at the current PayPal rates. In effect, cryptocurrencies will become another funding source inside the PayPal digital wallet, adding enhanced utility to cryptocurrency holders while addressing previous concerns related to the volatility, cost, and speed of cryptocurrency-based transactions.