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PayPal Launches Crypto Buying Service

In October, PayPal made waves when it revealed that it would support the buying and selling of crypto assets like Bitcoin and Ethereum within its own application.

This was a large reversal from the comments made by the company’s former CEO, who called Bitcoin one of history’s biggest scams. There are also anecdotal stories told by investors in the space like Erik Voorhees of ShapeShift of PayPal employees laughing at Bitcoin.

After weeks of beta testing, the service has finally rolled out to all of its customers in the U.S.

PayPal Launches Crypto-Asset Purchases and Sales

Announced today, PayPal has confirmed that all “eligible PayPal account holders in the U.S. can now buy, hold and sell cryptocurrency directly with PayPal.” This comes after a waitlist and weeks of beta testing.

To recap, eligible users will be able to purchase Bitcoin, Ethereum, Bitcoin Cash, and Litecoin through the PayPal application.

This will be rolled out to Venmo users and users in “select international markets” in the first half of 2021.

“To increase consumer understanding and adoption of cryptocurrency, the company is introducing the ability to buy, hold and sell select cryptocurrencies, initially featuring Bitcoin, Ethereum, Bitcoin Cash and Litecoin, directly within the PayPal digital wallet. The service is now available to PayPal accountholders in the U.S. The company plans to expand the features to Venmo and select international markets in the first half of 2021.”

PayPal is working with Paxos Trust Company, a regulated custodian and crypto service provider.

The fintech giant also received approval from the New York State Department of Financial Services (NYDFS) to launch this operation.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.