PayPal enters the cryptocurrency market, allowing customers to buy and sell virtual currencies using their accounts

PayPal are officially launching their own cryptocurrency service, meaning that the virtual cryptocurrencies can now be used to buy anything from the millions of sellers which have PayPal as part of their payment system.

PayPal President and CEO Dan Schulman described the digital shift as an ‘inevitable’ one. He went on to say that

Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange.’

PayPal said that the service will be enabled through the company’s digital wallet which allows people to shop online, request, and send money. The US customers will be able to make use of this new inclusion in the upcoming weeks but they won’t be able to pay for products until early next year.

The reaction of investors could be seen instantly as the PYPL stock price went through he ceiling, which compliments its fantastic success rate ever since the Covid-19 pandemic which triggered a boom in the online payments industry due to the avoidance of physical payment methods.

About SiGMA Europe Virtual Expo

SiGMA Group is excited to announce the launch of their November event, SiGMA Europe Virtual Expo. The online event, which runs from the 24th to 25th, will focus on the European gaming and tech marketplace.

For more information about how to sponsor this event please contact Hamza and to explore speaking opportunities get in touch with Jeremy. To register for the expo click here.