PayPal on Wednesday announced it will soon start supporting cryptocurrencies, allowing any PayPal account holder to store, buy, and sell popular virtual currencies starting later this year.
PayPal will add support for bitcoin, Ethereum, Bitcoin Cash, and Litecoin. PayPal also plans to extend support to its money-sending subsidiary Venmo and international markets starting early next year. For now, PayPal plans to launch digital currency support for US users in the coming weeks.
This will make PayPal a major digital wallet as well as a cryptocurrency exchange.
In a statement PayPal CEO Dan Schulman said: “The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly.”
“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange.”
Schulman says PayPal is eager to work with central banks and regulators around the world in supporting cryptocurrency.