PayPal has launched a new feature that enables its users to buy, sell cryptocurrency directly from their PayPal account.
This feature was announced on Wednesday announced a new feature that will allow users to buy, hold, and sell cryptocurrencies directly from their PayPal account, becoming the latest large financial services provider to show an interest in the space.
According to PayPal, customers will be able to buy, hold and sell cryptocurrency directly from their PayPal account, and signaled its plans to significantly increase cryptocurrency’s utility by making it available as a funding source for purchases at its 26 million merchants worldwide.
The cryptocurrency feature that will be available on the platform at the moment includes bitcoin, ethereum, bitcoin cash, and litecoin. By early 2021, the company also plans to let customers use crypto to shop with its network of 26 million retailers.
As part of this offering, PayPal will provide account holders with educational content to help them understand the cryptocurrency ecosystem, the risks and opportunities related to investing in cryptocurrency, and information on blockchain technology. There are no service fees when buying or selling cryptocurrency through December 31, 2020, and there are no fees for holding cryptocurrency in a PayPal account.
“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.”
To launch the feature, PayPal said it had teamed up with cryptocurrency start-up Paxos. PayPal new cryptocurrency feature will launch in the US in the coming weeks.