PAYPAL RELIES ON BITCOIN
Paypal and Venmo integrate Bitcoin
The payment services PayPal and Venmo want to integrate Bitcoin and other cryptocurrencies into their services as a payment method.
"I understand that buying and selling cryptocurrencies will work directly in PayPal and Venmo." The payment services would "have a kind of integrated wallet in which you could secure the currency."
However, it is not yet clear at this point which cryptocurrencies will be included. In addition to Bitcoin, Ethereum, Ripple, Tether and other currencies could also be supported. According to Coindesk, the feature should be integrated into the payment services in the next three months.
Around 325 million people worldwide use the Paypal payment service - even if only a fraction of them start trading Bitcoin and Co., this could change the crypto scene forever.
Paypal & Venmo follow Square and Robinhood
Paypal and Venmo would not be the first payment services to integrate cryptocurrencies. The company Square, Inc. by Twitter boss Jack Dorsey, for example, has been supporting Bitcoin as the only cryptocurrency since 2018, while the trading app Coinbase allows its users to trade a wide variety of cryptocurrencies.
Florian Döhnert-Breyer from Berlin-based crypto investment company F5 Crypto Capital said that it seemed as if Paypal could no longer evade the emerging crypto market and the “meanwhile significant sales from exchanges like Coinbase or payment service providers like Square” . The managing partner believes that a change of direction from PayPal to a cryptocurrency trading venue would be "a milestone for the recognition of the crypto industry".
A spokesman for crypto investment company BTC Direct said similarly to Business Insider, saying the move was a confirmation that Bitcoin is being taken seriously. However, the company spokesman does not expect Paypal to attract new customers through the move. Those who "want to buy Bitcoin or other cryptocurrencies will find their way anyway," he says. In the other direction, however, it could very well stir up the market. Because if PayPal can convince even one percent of their customers to buy Bitcoin, there will be 3.5 million new buyers.