PayPal is preparing to make blockchain and cryptocurrencies a more permanent part of its product offer.
This comes in the bearish market which has seen the value of many cryptocurrencies collapse rapidly over the past few weeks.
PayPal customers in the UK and the US can already make use of popular tokens, such as Bitcoin (BTC), Ethereum, Litecoin and Bitcoin Cash.
The platform now wants to support the launch of Central Bank Digital Currency (CBDC) whenever such options become available.
With the European Central Bank, the US Federal Reserve and the People’s Bank of China talking about the adoption of CBDCs, PayPal wants to make sure it’s on point.
Meanwhile, PayPal is also willing to invest in a cryptocurrency of its own, PayPal Coin.
The fact that the company is working hard to establish more blockchain and cryptocurrency options isn’t new as such.
The company’s reaffirmation of its commitment echoes its sentiments in March 2021, when PayPal said that it would allow merchants worldwide to use its service to check-out in crypto, enabling a revolution in crypto retail.
Many companies have since followed suite, benefiting from PayPal’s support for crypto retail purchases, and listed BTC and other currencies as viable payout options.
Presently, PayPal is geographically restricted in the reach of its cryptocurrency services, but this is expected to grow over time.