PayPal has announced the integration of Crypto support on its payment platform. Users will now be able to send, receive, and transfer Crypto on PayPal. This is a breakthrough for the Crypto market, which has been grappling with a bear market that a capital flight has precipitated. New investors will be able to access the Crypto market and balance the trade to shore up the prices.
This comes shortly after Blackhawk Network and LibertyX launched Cash-Crypto Solutions in US Stores. The solution is modeled to offer Bitcoin for sale in stores as commodities.
PayPal Will Offer Unrivalled Convenience
According to the Tuesday announcement by PayPal, the solution will be available in the US with a possible extension to other markets. However, only Bitcoin, Ethereum, Bitcoin Cash, or Litecoin tokens will be supported in the first round. The digital assets account for more than 70% of the Crypto market capitalization; hence, the support will significantly affect the entire Crypto market.
PayPal prides itself as a platform for “everyone who pays or gets paid.” It has 200 million users, and 7 million businesses worldwide offer PayPal payment solutions. Hence, the payment network promotes the accessibility of Cryptos in a larger and global market that is overlooked or underserved by Crypto exchange platforms.
What the Users Can Expect
PayPal is promising Crypto users on the platform near-instant Crypto transaction solutions. Users will be able to connect to their wallets and exchange platform accounts and send or transfer Crypto directly. Most importantly, there will be zero charges on transfer fees, making economic sense, especially for transaction-motivated Crypto adoption.
Moreover, PayPal can be supported on domestic devices such as smartphones, tablets, and laptops without losing user interface features. The platform does not buffer in low bandwidth internet solutions, which will accelerate the adoption of Cryptos.
PayPal Commenced the Service After Licensing
PayPal has been granted the Bitlicense by the New York Department of Financial Services (NYDFS). Before the licensing, the payment platform had been issued with a conditional Bitlicense. This is a provisional license that the regulator issues as it monitors compliance with regulatory guidelines and best practices set for full licensing.
A Bitlicence allows PayPal to roll out Crypto trading solutions in New York and the entire US. The licensing comes when the Whitehouse and arms of the government, such as the SEC and CFTC, are heightening surveillance and regulation of digital assets. Some of the areas of concern include; Crypto mining and trading. For instance, the Biden administration is mulling incentivizing Crypto miners to reduce their carbon footprint as the new green deal gathers momentum.