Wednesday, October 21, PayPal Holdings will allow customers to hold bitcoin and other virtual coins on its platform.
The announcement makes PayPal one of the largest U.S. companies to provide consumers access to cryptocurrencies, which could help bitcoin and rival cryptocurrencies gain wider adoption as viable payment methods.
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.
In a statement said by PayPal CEO Dan Schulman, “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.”
Schulman says PayPal is “eager to work with central banks and regulators around the world” in supporting cryptocurrency.
“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,” he added.