PayPal has expanded its cryptocurrency service to all US users

News

PayPal has expanded its cryptocurrency service to all US users

17.11.2020 News

PayPal Holdings has fulfilled its promise made last month by making its PayPal Cryptocurrency application available to all registered users in the United States. On October 21, the service was launched in test mode for a limited number of users.

Commenting on the November 2 financial report, PayPal CEO Dan Shulman said that only 10% of PayPal customers in the United States have had access to cryptocurrencies to date.

Now a wide audience of Americans has the opportunity to carry out digital trading operations using the most popular cryptocurrencies (Bitcoin, Ethereum, Bitcoin Cash and Litecoin) at 26 million sellers. However, the company does not allow the transfer of cryptocurrencies to the account of other users (this will be possible with the launch of Cryptocurrency on the Venmo platform) or withdrawal of cryptocurrencies to an external digital wallet.

According to a PayPal spokesman, the company’s plans to launch Cryptocurrency on the Venmo platform and international markets in the first half of 2021 remain unchanged.

PayPal works with the New York fin-tech company Paxos, which stores all cryptocurrencies on behalf of PayPal.

To attract as many customers interested in cryptocurrencies as possible, PayPal has stated that it will not charge commissions when buying or selling cryptocurrencies until December 31, 2020.

After analyzing the demand for a limited number of users, PayPal increased the limit for buying cryptocurrencies from $ 10 thousand to $ 20 thousand per week.

The company has also confirmed its intention not to charge for the storage of cryptocurrencies in a PayPal account.

According to the latest quarterly report of PayPal, the total number of active accounts on its platforms increased by 22% to 361 million, customer engagement also remained high.

Against the background of the launch of PayPal Cryptocurrency, from October 21 to November 11, the price of Bitcoin increased by 32.54%.

Shares of PayPal, which rose 74.8% since the beginning of the year, fell sharply by 7.56% over the past week.

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