PayPal added support for cryptocurrencies to the mobile app
By Yuliia Rokytska 1403 20 Aug 2022
The PayPal app has added functions to buy, sell and transfer cryptocurrencies. According to the company, customers can now use their digital assets with the service as easily as they use fiat money.
The largest electronic payment system, PayPal, fully supports some cryptocurrencies in its mobile app. The company has added the ability to buy, sell and transfer digital assets to its service. Representatives of PayPal wrote about it on Twitter.
Cryptocurrencies available for transactions include Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The minimum transaction size is $1. Customers of the payment system can make internal and external transfers and pay with cryptocurrency for purchases at online stores that support PayPal.
The company offers educational materials about digital assets in the app to keep users’ interactions with crypto as simple and secure as possible.
The debit payment service PayPal has been actively working on the implementation of cryptocurrencies and blockchain in its apps since 2020. Richard Nash, who holds the position of vice president of the company, announced the issuer’s plans in this direction at the World Economic Forum. Then, in November 2020, PayPal provided direct access to cryptocurrencies to U.S. users.
In April 2021, support for Bitcoin, Ethereum, Litecoin, and Bitcoin Cash appeared in the subsidiary service Venmo. At the time, PayPal’s CEO noted that demand for crypto had exceeded expectations. In February 2022, the payment company created an advisory division focused on cryptocurrencies.
The head of PayPal believes that digital assets and blockchain are revolutionary financial sector trends. Dan Shulman believes that the financial system will be a combination of digital currencies of Central Banks, stablecoins, crypto wallets, and cryptocurrencies in the future.