PayPal will Accept Bitcoin (BTC) and Cryptocurrencies for its Merchants
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PayPal will Accept Bitcoin (BTC) and Cryptocurrencies for its Merchants

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PayPal will Accept Bitcoin (BTC) and Cryptocurrencies for its Merchants

 By Zoe De la Roche Posted on September 

PayPal to accept Bitcoin (BTC) and cryptocurrencies

Skrill has been playing cryptocurrency for a long time, PayPal is playing it safe. This would soon open to Bitcoin (BTC) and other cryptos, with a PayPal-BTC marriage that could go through Europe. For now, PayPal is mostly content to make announcements, to arouse the hope of cryptophiles; however, society has everything to gain by crossing the threshold of the cryptosphere door.


Cryptos to boost PayPal stocks

In an interview with CNBC, one of the officials at investment firm Aspiriant, Sandi Bragar, revealed PayPal's growing interest in cryptocurrencies.

According to Bragar, PayPal is currently working to integrate cryptocurrency into its business.

Bragar explains that PayPal's positive attitude towards cryptos is the number one factor in shaping the payment giant's image positively in the eyes of investors.

PayPal's strategy may pay off if, as Bragar believes, the use of cryptocurrency continues to expand.

The second factor is the impact of the pandemic on the retail sector as a whole: the vast majority of users make their purchases from their homes and in this context, the digital means of payment industry is popular with investors.

Cryptocurrencies could also be one of the main means of payment in the future.

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PayPal - cryptos: a link already established

PayPal's participation in the cryptosphere is nothing new: many cryptocurrency specialists have been recruited by the company and PayPal was among the founding members of the Libra Association.

The company had also invested in the blockchain start-up, Cambridge Blockchain which specializes in the management of digital identities.

In July 2020, PayPal reportedly worked with New York-based financial firm Paxos to launch a cryptocurrency buying and selling service.

Paxos is one of the largest issuers of regulated stablecoins, like BUSD. Paxos is also licensed to provide Bitcoin and ETH (ETH) custody services on behalf of institutional investors.

By becoming a payment gateway accepting crypto payments, PayPal could remove many barriers that prevent it from conquering certain high potential markets. For example, it could finally offer a merchant account for many African countries where e-commerce is struggling to develop with the desert of payment methods. It remains to be seen whether PayPal is really prepared to pay the risks inherent in such a transformation.


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