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Paypal Officially Opens Cryptocurrency Service in the United States

PayPal finally announced that it is opening cryptocurrency trading for eligible customers in the United States. Crypto trading on PayPal has a limit of $ 20,000 per week, which is double the previously announced $ 10,000.

PayPal ultimately plans to make crypto payments available to 26 million merchants worldwide. Reporting from Cointelegraph, PayPal representatives will notify US customers about the general availability of the crypto service in the coming days.

Dan Schulman, CEO of PayPal, notes that the switch to support crypto is being driven by what he sees as an "inevitable" switch to virtual currency.

“The shift to digital currency is inevitable, with clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payment system; and the government's ability to channel funds to citizens quickly, "he said.

Paypal Officially Opens Cryptocurrency Service in the United States

The highly anticipated global service is expected to launch in early 2021, along with crypto payments on Venmo. PayPal originally announced its plans to integrate crypto three weeks ago. The announcement led to an increase in the price of BTC.

As part of the crypto service, PayPal received the first conditional Bitlicense from the New York Department of Financial Services, one of the most hawkish sub-national financial regulators in the US. Many noted that PayPal's crypto service terms would require that coins purchased on the platform cannot be transferred to other platforms, perhaps as part of a compromise with regulators in bringing crypto services to a broad user base.

Not only PayPal, BitPat Crypto Service also launched a new platform

Apart from PayPal, there is Crypto payment service provider BitPay which also announced that it has launched BitPay Send, a new blockchain-powered mass payment platform for businesses.

BitPay Send allows organizations that do not wish to handle or own crypto to bulk process crypto payments. It can be used to complete payroll payments, pay contractors or affiliates, or process customer cashback and reward programs. Available in 225 countries, recipients must pass KYC and have a crypto wallet

BitPay claims the platform cuts processing time from days to minutes. This service has been adopted by the advertising platform AdGate Media to pay affiliates worldwide. AdGate president Dan Sapozhnikov explained that many of its affiliates are outside North America and Europe where access to bank accounts is difficult so they want to be "paid in Bitcoin".

“Making BitPay manage that risk was an important factor in choosing BitPay Send. With BitPay Send, we can get paid for our affiliates in minutes, not days, ”said Dan Sapozhnikov.

BitPay CEO Stephen Pair said the ease of sending global transactions via crypto is a big draw for businesses:

“Traditional international payment methods are complicated, expensive and slow. With BitPay Send, companies can make bulk payments without having to buy, own, or manage crypto and their recipients receive payments faster and at a lower cost. "

BitPay is a US based company. launched in 2011. BitPay processed nearly 100,000 transactions per month in 2020, with most of them in Bitcoin (BTC). The company is backed by several investment firms including Founders Fund, Virgin Group, Index Ventures and Aquiline Technology Growth, which have raised more than $ 70 million.