Paypal, the digital payment platform of reference, will give a strong boost to the adoption of crypto currencies by launching support for them in its own service, arriving over the next few weeks for users in the United States, with the idea of expanding it to international markets over the first half of next year.
In addition, it will initially support Bitcoin, Ethereum, Bitcoin Cash and Litecoin, so that in the future it can accommodate others, including digital currencies that may also be launched by banks and other organizations.
Encouraging the use of crypto-currencies
With the arrival of Paypal crypto-currency support, users will be able to buy and sell crypto-currencies, and until the end of the year, no fees will be charged. In addition, they will also be able to keep the crypto-currencies in their accounts at no cost to them, with the possibility of converting the balance of the crypto-currencies into a balance in conventional currencies, such as the Euro, for which no charge is projected either.
It will be already from next year when they will be able to use the crypto-currencies they have in their accounts for the purchase of products through the more than 26 million merchants who use Paypal all over the world.
However, merchants will receive payment for purchases in conventional currencies, and will not even have to make any adjustments to enable their customers to pay using crypto-currencies, nor will they be subject to any additional charges.
However, in order to adopt the use of crypto-currencies, the digital payment platform will carry out an informative campaign among its users that will make it possible to become familiar with them, informing them of “the risks and opportunities related to investing in crypto-currencies”.
For the United States, Paypal will work together with Paxos Trust Company, a platform specialized in products and services on cryptomonies. The move announced today by Paypal will allow for greater adoption of crypto-currencies, raising some technological barriers.