Is Bitcoin integration at PayPal imminent? | 28/06/20

According to media reports, PayPal plans to rapidly integrate Bitcoin and other cryptocurrencies into its payment system. There is sufficient evidence of this.

• PayPal apparently opens for Bitcoin and Co.
• Already wanted jobs
• Great opportunity for cryptocurrencies

The online payment service PayPal wants to offer its approximately 325 million active users direct purchases and sales of cryptocurrencies within the next three months. At least “Coindesk” reports, citing two insiders. It is also planned to integrate a crypto wallet, which users can use to manage their coins. No information has been given as to which cryptocurrencies should be included, but it seems obvious that at least Bitcoin is one of the world’s most popular cyber devices.

To ensure the necessary liquidity, PayPal works with various exchanges. In the crypto community, Coinbase and Bitstamp, two of the world’s largest crypto trading places, are potential candidates.

European and American PayPal users can already buy Bitcoin with PayPal, but the coins have so far been managed using a wallet from partner Coinbase. In the future, however, the coins will then be stored directly in the account of the PayPal user.

Numerous indications for crypto integration with PayPal

There are numerous signs that speak for such a crypto integration. For one thing, PayPal has previously shown significant interest in a venture into the crypto universe. For example, the payment service provider had joined the Libra project initiated by Facebook, but then got out after growing opposition from the state.

Two PayPals job ads also seem to confirm that the information from “Coindesk” is more than just rumors. For example, a blockchain expert and a senior crypto engineer are sought to investigate blockchain technologies and their possible application with PayPal within a new team.

Significant step

In its annual report, PayPal has already pointed out that blockchain and virtual currencies are potential risk factors for your own business. It is therefore not surprising that the group now wants to look more closely at these issues and is looking for ways in which it could benefit from them.

Bitcoin should also benefit from an integration with PayPal. In view of the enormous number of PayPal customers, its acceptance in society and its spread as a means of payment could thus increase significantly. Since PayPal is an already widely used online service, it would be much easier to get Bitcoin and Co.

Based on the “Coindesk” report, PayPal has so far only planned to enable the purchase and sale of cryptocurrencies, but not to accept payments in crypto money. However, this could be the next step. What is certain is that if PayPal actually gets involved in cryptocurrencies, it will be exciting.

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Image source: TierneyMJ / Shutterstock.com, ImageFlow / Shutterstock.com, Sean Gallup / Getty Images, Ken Wolter / Shutterstock.com

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