PayPal has committed to significantly increase the utility of cryptocurrency by offering it as a funding source in its virtual wallet. PayPal has announced that by early 2021, PayPal users will be able to utilize their cryptocurrency holdings to pay at any of PayPal’s 26 million merchants worldwide. These transactions will be instant, enabling PayPal users the ability to convert their cryptocurrency to fiat currency without any incremental fees, or fees for holding cryptocurrency within a PayPal account.
Accountholders will be provided with educational content about the cryptocurrency ecosystem, including the risks and opportunities associated with investing in cryptocurrency.
PayPal is also exploring the virtual currencies within central banks worldwide by exploring the future of virtual financial services and the enhancements to virtual commerce throughout their blockchain research team. Last year, PayPal ventures invested in TRM Labs and Cambridge Blockchain and will continue exploring distributed ledger technologies to enhance their financial services.