PayPal announced that its customers will be able to use cryptocurrencies to shop at any merchant in its large network starting from early 2021.
It has been reported that the payments will be settled through fiat currencies, similar to many existing crypto merchant solutions like BitPay, which means that the merchants will be receiving fiat, as PayPal will take care of the conversion.
However, the company said that the coins initially supported will include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
The payments giant also partnered with Paxos to deliver the service, and it obtained a conditional cryptocurrency license from the New York State Department of Financial Services, commonly known as the BitLicense.
PayPal is set to become a crypto wallet and accept crypto for payments in early 2021 https://t.co/Iki92Dl9kN — Cointelegraph (@Cointelegraph) October 21, 2020
In addition to cryptocurrency payments, PayPal users will also be able to purchase crypto directly through the app.
The report said that PayPal will feature a cryptocurrency wallet, letting users buy, sell, and hold crypto through the PayPal apps.
Rumors of a planned crypto integration surfaced earlier this year.
Thus, the company is nevertheless often criticized in crypto circles due to perceived unfair practices and the amount of control it has within its own network.