PayPal Enables Crypto Services in the US

Payments giant, PayPal cryptocurrency trading services has gone live in the United States of America.

PayPal to enable cryptocurrency trading services

The announcement was made via a press release on PayPal’s website, notifying their United States customers that they can trade up to $20,000 a week. Instead of $10,000 weekly as previously announced.

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PayPal’s cryptocurrency trading and payments services went live on Thursday 12th November for all eligible customers in the United States. The payment giants originally notified of their plans to integrate cryptocurrency trading and payments services three weeks ago which lead to a boost in Bitcoin price.

Dan Schulman, CEO of PayPal in a statement 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.

Customers of PayPal can now buy, sell and hold Bitcoin, Ethereum, Litecoin and Bitcoin Cash, directly from their PayPal digital wallet. This service is available to their United States of America account holders. The company plans to extend to select international markets and add the features to Venmo by the first half of 2021.

PayPal received conditional Bitlicense from the New York Department of Financial Services allowing them to offer crypto related services in the United States of America. Although some crypto enthusiasts claim that the terms of PayPal’s crypto services reached with regulators would see cryptocurrencies bought on the platform not being able to leave PayPal as part of the compromise reached with regulators due to wide user base accessing the services.