Paypal crypto trading service is now available to U.S. consumers

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The firm promised its customers the ability to use cryptocurrencies for online shopping within its network of  26 million merchants by early 2021. Any cryptocurrency payment will be settled using fiat currencies, like the U.S. dollar. Merchants will receive payments in an international currency, not in digital coins.

PayPal also said it would extend support for Bitcoin cash (BCH), Bitcoin (BTC), Ethereum (ETH),  and litecoin (LTC). Its customers would be able to buy, sell, and hold virtual assets.

launching a crypto trading service is big news for PayPal’s 340 million users and a boost for Bitcoin and other leading cryptocurrencies.

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It is expected that PayPal will need to convert some of its cash reserves to Bitcoin in order to meet the demand for payments and processing.

Venmo connection

Founded in 1998, PayPal is a pioneer in the app-based services industry that enables quick and easy electronic payments instantly from person-to-person. 

Paypal transformed payment processing and opened the door for banking apps like CashApp, Venmo, Zelle, and others. The transfer of money in-moments instead of days has revolutionized banking. After a few years, the world adjusted to digital currency.