Today is another milestone for the crypto world for the leading payment processor. PayPal opens for the cryptocurrency-powered business. After Square, PayPal is the next big company that sees the potential in cryptocurrencies and adapts it.
A license for Crypto has been granted.
After the first “conditional BitLicense” that was granted by the New York State Department of Financial Services, PayPal Holdings Inc. has now teamed up with Paxos Trust Company, therefore allowing the customers to pay and be paid in cryptocurrencies thru one of the most popular household names in the world of payments.
Linda A. Lacewell, the DFS’s superintendent, has stated that the development is a straight result of the new approach to cryptocurrencies. Hoping to attract the entrepreneurs and business people with a trailblazing vision, cryptocurrencies were essentially a significant interest area.
“DFS’s approval today follows our June 2020 announcement for a new framework for a conditional Bitlicense to encourage, promote, and assist interested institutions to have a well-regulated way to access the New York virtual currency marketplace in a way that is both timely and protective of New York consumers, through partnerships with New York authorized virtual currency firms.”
Having over 26M merchants and 325M customers worldwide, it is a welcome addition for someone who needs to make their payments online. Some projects, like the pending Cardano integration for the Shopify stores also bring eCommerce and cryptocurrencies closer as the day goes by.
Though PayPal now provides support for cryptocurrencies in the USA for now, the first half of 2021 shall bring the service to some markets worldwide, along with Australia and European Union, among the targeted top markets.
The initial cryptocurrencies that will be supported will be Bitcoin, Bitcoin Cash, Ethereum, and Litecoin, though the support for more cryptocurrencies will be added sooner.
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