PayPal on Wednesday announced a new feature that will allow users to buy, store and sell cryptocurrency.
The company said in a press release that its new cryptocurrency service will be launched in the US in the coming weeks and will include bitcoin, ethereum, bitcoin cash and Litecoin. In early 2021, the company also plans to allow customers to use cryptocurrency to shop using it network of 26 million retailers.
PayPal shares rose more than 3% in New York. Meanwhile, the price of Bitcoin has risen by almost 5%, according to data from CoinDesk.
"The transition to digital currency forms is inevitable, bringing clear advantages in terms of economic integration and access. The effectiveness, the speed, the durability of the system payments and the ability of governments to disburse money to citizens quickly are just some of them, "said PayPal CEO Dan Schulman.
"We are willing to work with central banks and regulators around the world to offer our support and make a real contribution to shaping the role that digital currency in the future of global finance and trade ".
Central banks around the world are exploring the idea of issuing their own digital currencies. Seven of the world's top central banks - including the Federal Reserve and the European Central Bank - recently set out a framework for how operation of such systemic. Meanwhile, the People's Bank of China is testing its own digital currency.
To get started, PayPal said it partnered with Paxos. The company added that it received sponsorship from its state New York, of course in terms. It intends to present the crypto-features in the "Venmo mobile wallet" and in the international markets in the first half of 2021.