PayPal offers a cryptocurrency purchase and sale service

PayPal launches a service that allows transactions with cryptocurrencies directly from its platform and use them as a source of financing

The use of cryptocurrencies as a financial exchange instrument is limited due to the volatility, cost and speed with which transactions are carried out. However, some technology platforms like PayPal are taking up the challenge and have developed instruments that allow them to offer the services of carrying out transactions with different digital currencies.

In this global framework, the online payment giant PayPal announced its new service that will allow customers to buy, hold and sell cryptocurrencies directly from its platform. In addition, its clients will have the opportunity, starting in 2022, to use their cryptocurrencies as a source of financing to cancel their network of 26 million businesses around the world,” which could increase their utility.

For the president and CEO of PayPal, Dan Schulman, the transformation of physical money into digital forms is inescapable, which has implicit some advantages in terms of financial inclusion, access, efficiency, speed and resilience of the payment system, as well as the “Ability of governments to disburse funds to citizens quickly.”

Schulman admits that the organization’s experience in digital payments, its global reach, as well as its two-way network and the security processes and controls it possesses allow it to better understand, exchange, and interoperate these new financial instruments.

Paypal provides new financial tools for Latin America

Federico Gómez Schumacher, PayPal’s chief executive for Latin America, highlights the importance of the Latin American market for the organization. “It is no secret to anyone that Latin America still has a way to go in terms of adopting digital financial tools, as well as reducing the high levels of informality that persist in their economies.”

That is why the company wants to work and increase its presence in the region and thus contribute and help reduce poverty. Likewise, the organization will offer educational content that allows users to understand the cryptographic ecosystem, as well as its risks and opportunities related to investing in digital currencies and everything related to blockchain technology.

On the other hand, cryptocurrencies will become another source of financing within PayPal’s digital wallet, adding another improved utility for cryptocurrency holders. Merchants will not get any additional integrations or fees as all transactions will be settled in fiat currency at their current PayPal rates.

M. Rodríguez


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