PayPal integrates cryptocurrencies into its mobile app

Users can buy, sell and transfer four digital assets

16.08.2022 - 11:15

380

2 min

What’s new? PayPal representatives reported on the full integration of cryptocurrencies into the payment system’s mobile app. Now bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC) are available for the app’s users to buy, sell, store and transfer. This is stated in the official PayPal Twitter account.

Now you can easily use your crypto with PayPal. Bring it into PayPal and send some to friends and family—all in one place. https://t.co/k24TVHoSYh pic.twitter.com/v0CeV9dNXa— PayPal (@PayPal) August 15, 2022

How did events develop? The company first launched its crypto app in late 2020, and it also allowed one to buy, sell and store BTC, ETH, BCH, and LTC. Previously, however, digital assets could not be withdrawn to external wallets. Since June 2022, this option appeared in a limited mode for some users from the United States. Currently, cryptocurrency transactions in the app are performed without restrictions.

The minimum amount for the purchase of cryptocurrency is $1. The app offers custodial services as well as educational materials. To use cryptocurrency as a payment method for purchases, one must complete a W-9 tax form in the app. The app will then convert the digital assets into US dollars or any other currency on its own, if necessary, with no additional fee.

What is known about PayPal? It is the largest electronic payment system, founded in 1998 in the United States. Since October 2002 it is a division of eBay. The total number of PayPal users exceeds 426 million (according to BusinessofApps as of 2021). The company’s shares are traded on the Nasdaq exchange under the ticker PYPL. As of August 16, 10:50 UTC, the share price was $101,6, having gained 0,09% per day.

According to a BofA survey, 90% of respondents from the United States have already bought cryptocurrency in 2022. The average transaction size was about $25, and PayPal turned out to be the most popular platform, which was used for transactions with digital assets by 53% of respondents.

Author: