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    Sumit Bera

    Cryptocurrency Adoption: PayPal and Venmo Towards Blockchain

    PayPal add cryptocurrency

    The notable and regarded PayPal installment framework and its Venmo versatile installment administration are probably going to give the capacity to purchase and sell different tokens with their framework apparatuses. This advancement is normal in the following quarter. 

    What occurred 

    CoinDesk conversed with an anonymous, however as they would see it, dependable source. They said PayPal would add works that will permit any individual from the framework to purchase, sell, and even store digital currency. To give the capacity to lead these tasks, the installment framework will help out digital money trades. The specific rundown of these trades just as the rundown of digital currencies is obscure, however, it can probably be Coinbase and Bitstamp. 

    Toward the finish of 2018, Coinbase, the biggest cryptographic money trade in the U.S., made accessible the alternative of fiat monetary standards withdrawal to a PayPal account with no charge. 

    Tracker Horsley, CEO at BitwiseInvest, accepts the dispatch of digital currencies support by PayPal and Venmo in the third or fourth quarters of 2020 is very genuine. What's more, he is hopeful and contrasts great PayPal figures and other close organizations:

    • Paypal: 300 million users and about $700 billion of funds.
    • Venmo: 50 million users and about $100 billion of funds.
    • Coinbase: 40 million users.
    • Robinhood: 13 million users.

    The historical change in PayPal's attitude towards blockchain and cryptocurrencies

    In mid-August 2017, Bitcoin outperformed PayPal in market capitalization for the first time. At the beginning of 2018, PayPal CEO Dan Schulman declared that Bitcoin is not an effective way to transfer value. Therefore, PayPal does not intend to support Bitcoin as a payment tool on its site. At least until the moment of widespread distribution of cryptocurrencies. At the same time, he paid tribute to the blockchain: he did not exclude the use of distributed registry technology in a number of areas PayPal deals with: from real estate contracts to financial services.

    In spring 2019, PayPal mentioned it had already tested the possibility for merchants to accept Bitcoin for payment, but so far the company is extremely wary of this and continues to study it.

    It is noteworthy that the founder of PayPal Peter Thiel conducts active venture activities in the cryptocurrency sector. This refers to assistance to the Blockfolio project and the Harbor startup from the Founders Fund, where he is the main partner.

    In spring 2020, the company placed the vacancy of a blockchain expert who would counteract financial crimes. Also, PayPal is searching for a blockchain developer for the company's research department and a technical director for crypto development.

    Also, in spring 2020, PayPal CTO Sri Shivananda shared an opinion that for the success of cryptocurrencies, people must clearly understand their advantages. The client, he said, will be followed by business.

    All the above-mentioned makes it possible to believe PayPal will start operations with cryptocurrencies by the fall or the end of the year.

    The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.