PayPal has finally launched the service to buy, sell and store cryptocurrencies.
This was announced by the company itself:
“We are pleased to announce that all eligible PayPal accountholders in the U.S. can now buy, hold and sell cryptocurrency directly with PayPal”.
From now on, therefore, cryptocurrencies are officially available to PayPal users in the United States, two weeks following the news of the launch of the service that is set to revolutionize the sector.
This is not the only novelty. Due to the high demand from customers, PayPal has decided to increase the limit of daily purchases of cryptocurrencies from the initial $10,000 to $20,000.
In short, it seems that PayPal users have been anxiously waiting for this day, which has finally arrived.
After all, this seems to be the best time to enter the sector, considering the euphoria linked to the price of Bitcoin which has risen to 16,000 dollars.
At the moment only four cryptocurrencies can be bought and sold on PayPal:
- Bitcoin,
- Ethereum,
- Bitcoin Cash,
- Litecoin.
Unlike the announcement on October 21st, however, the launch of the service does not seem to have shaken up the markets again.
Apart from Bitcoin, which continues to rise and is currently trading at $16,200, Ethereum now travels slightly below parity at $459, while Bitcoin Cash gains 0.2%. The uncertainties due to the upcoming November 15th fork probably weigh on BCH.
The news appears to have benefited Litecoin, which today earns 5.6% and is back to $62.
PayPal in the cryptocurrency sector
At the moment PayPal will enable the purchase and sale of only 4 cryptocurrencies, but the service aims to extend outside the United States. The other project is to make cryptocurrencies a means of payment for the 26 million merchant accounts that use the service.
To achieve this, the company also relies on Venmo, the other payment company it controls.
It will be a path that could lead to the mainstream adoption of cryptocurrencies, a dream that the sector continues to pursue but which for the moment has seemed far from materializing. PayPal, for this purpose, aims to be the disruptive element.
