CryptoTicker: PayPal and cryptocurrencies, its latest improvement!
PayPal is a well-known global company that operates an online payment system. It allows transfers between users, and it is a great alternative to traditional media payments, as it is more convenient to operate, among other advantages. It allows user to associate their credit cards with an account where they can log in with just an email and password, and this make transfers or payments quickly and easily. In PayPal, opening an account is completely free, but it charges a percentage for the transactions.
Let's understand Paypal a little more...
This company, founded in 1998 in the United States, was originally created under the name of Confinity. In 2002, eBay, an electronic platform for auctioning and trading products through the Internet, noticed PayPal's success and decided to buy the platform for 1,500 million dollars. By the end of the year, it had already reached one million active users!
Currently, PayPal has a number of active users greater than 152 million, and even large brands and companies such as Disney Store, Uber, LAN, Skype, Airbnb and iTunes, have an agreement with it so that its users can make payments through PayPal.
PayPal is not a bank, therefore it is not governed by the laws that protect them. But even so, this company is forced to obey the rules of the United States Department of the Treasury and the European System of Financial Supervision. Generally, these rules are to avoid money laundering and unauthorized transactions.
PayPal ventures into the crypto world
In June 2020, the interest in operating with cryptocurrencies of this company finally came to light, something that had been long-awaited by the crypto industry.
In October of the same year, Paypal announced that it would already be possible to buy and sell Bitcoin through its platform. Great news! But they still couldn't be used to buy online goods. This changed sometime later, and now users can already pay in Paypal with cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash. As long as the user has enough balance to make the purchase, the function of paying with cryptocurrencies will automatically appear in their account.
In Latin America and Spain, to buy cryptocurrencies using the PayPal account certain exchanges are recommended, like Binance, Paxful or Coinbase.
The latest news regarding PayPal
It seems that Paypal it's really working on rapidly improving its relationship with cryptocurrencies. The company will add support to be able to make cryptocurrency transfers to third-party wallets.
Users will be allowed to transfer Bitcoin to other wallets!
PayPal seeks that its consumers have more choices to pay the way they want, said José Fernandez da Ponte, the vice-president of Paypal. The idea is that consumers can take the cryptocurrencies that they acquired with PayPal and move them to the destination of their choice. Fernandez da Ponte is the head of PayPal's Blockchain, Crypto and Digital Currencies business unit.
Considering its current state, once this improvement takes place, PayPal will easily scale to one of the largest cryptocurrency buying and selling platforms in the world!
It seems that the platform keeps indulging the crypto community with its fast updates. Still, about the rumor that Paypal plans to launch its own stablecoin, Fernandez da Ponte mentioned that it was too early to talk about it.
© CryptotickerThe post PayPal and cryptocurrencies, its latest improvement! appeared first on CryptoTicker.
Additional Info
- Read full article on: CryptoTicker
Leave a comment
Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.
Disclaimer: As a news and information platform, also aggregate headlines from other sites, and republish small text snippets and images. We always link to original content on other sites, and thus follow a 'Fair Use' policy. For further content, we take great care to only publish original material, but since part of the content is user generated, we cannot guarantee this 100%. If you believe we violate this policy in any particular case, please contact us and we'll take appropriate action immediately.
Our main goal is to make crypto grow by making news and information more accessible for the masses.
Our main goal is to make crypto grow by making news and information more accessible for the masses.