The company will launch support for Bitcoin, Bitcoin Cash, Litecoin, and Ethereum, but expand into other cryptocurrencies moving forward.
PayPal is expecting to launch its offer in the United States first and then expand in other jurisdictions as early as 2021.
The move allows PayPal to effectively facilitate crypto withdrawals and deposits and storage opportunities.
This feature will allow consumers to use cryptocurrency to make purchases at any of the 26 million authorised vendors.
One thing that PayPal has predicted is the mistrust of price volatility that cryptocurrencies are associated with.
To deal with the issue, the payment company will convert the currency and only send the final payments in the final amount.
In other words, a vendor will receive their payment in US dollars if that is indeed their preferred method of payment.
Volatility is still a problem for cryptocurrencies, but many have been able to spawn the so-called stablecoins, which are directly pegged to the rate of the U.S. dollar or another central back issued currency.
PayPal said that adopting cryptocurrencies is just a precursor to what the company expects to soon be an influx of digital central bank currencies.
Many countries and political alliances around the world are already pushing for such solutions, including China and the European Union.
Conversely, the United States has been lagging behind.
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