PayPal announced on Wednesday that a new cryptocurrency service will be launched in the U.S. in the coming weeks and features bitcoin, ethereum, bitcoin cash and litecoin.
According to CNBC, by 2021, the company also plans to let customers use crypto to pay for things from its network of 26 million retailers.
On other hand, PayPal CEO Dan Schulman explained, that the firm hopes the service will encourage global use of virtual coins and prepare its network for new digital currencies that may be developed by central banks and corporations.
Moreover, the announcement comes as more financial institutions signal their entry into the nascent cryptocurrency market. Twitter CEO Jack Dorsey’s financial technology firm Square, has long offered cryptocurrency services, and recently bought $50 million in bitcoin, while investment manager Fidelity set up its own crypto pision last year.
Many central banks around the world have expressed their intention to develop digital versions of their currencies in the coming years, while Facebook Inc-led the creation of a cryptocurrency project called Libra in 2019, PayPal was a founding member but dropped out after a few months.
Later, PayPal has partnered with Paxos, a digital asset platform that embraced regulation from inception, to offer crypto services an important strategic step that allows PayPal to be lockstep in line with regulators.
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