PayPal has been around for decades and is one of the original FinTech companies. The company is still going strong though and is one of the biggest digital finance services on the web. To stay on top for so long though is not easy and requires constant innovation to move with the times. This latest report follows along this track, with PayPal announcing that it is going all-in on cryptocurrency.
PayPal users in countries like the US and the UK have enjoyed certain cryptocurrency features for a while now. They have been able to buy, sell, and hold cryptocurrencies and even pay for things using some of the most prominent cryptocurrencies. Now, however, PayPal is adding some crucial functionalities to that list of features by allowing users to send and receive cryptocurrencies from other users and third-party exchanges.
This new move in essence makes PayPal a fully functioning crypto wallet akin to something like Metamask. The update will work for PayPal users in the US for Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. This means that as well as allowing users to fully immerse themselves in all things crypto, PayPal is also now a key that users can use to access Web3 and all the new possibilities that come with it.
In the PayPal blog post announcing the move PayPal’s Senior Vice President and General Manager for Blockchain, Crypto & Digital Currencies, Jose Fernandez da Ponte said:
“Allowing PayPal customers the flexibility to move their crypto assets (Bitcoin, Ethereum, Bitcoin Cash, or Litecoin) into, outside of, and within our PayPal platform reflects the continuing evolution of our best-in-class platform and enables customers to interact with the broader crypto ecosystem. […] and we will continue to roll out additional crypto features, products, and services in the months ahead.”
This move from PayPal opens up a whole host of possibilities for anybody who has a PayPal account and creates a new pathway for people to enter crypto, Web3, and the metaverse. If you are thinking about getting involved in the world of crypto or are already there, you should beware of these phishing scams targeting major crypto websites.
