PayPal to launch crypto payment in 2021. The firm announced its entry into the crypto arena, according to reports on Wednesday. The company said that PayPal customers will be able to use cryptocurrencies to shop at any merchant in its large network starting early 2021. The payments will be settled through fiat currencies, similar to many existing crypto merchant solutions like BitPay.
The initially supported coins would include Bitcoin, Ethereum, Bitcoin Cash and Litecoin. The payment giant collaborated with Paxos to provide the service, as well as receiving from the New York State Department of Financial Services a conditional cryptocurrency licence, also referred to as the BitLicense.
In addition to cryptocurrency payments, PayPal users will also be able to purchase crypto directly through the app. PayPal will thus feature a cryptocurrency wallet, letting users buy, sell and hold crypto via the PayPal apps.