Three advantages to the cryptocurrency market due to PayPal adoption.
For the last few months, crypto-traders were looking for some big news that can bring positivity to the market & today is the day which made it possible. PayPal, one of the worlds largest payment providers, with more than $200 billion in volume & 300 million+ active accounts, on October 21, 2020, opened the doors of cryptocurrency payments on its platform.
As per various reports, PayPal will allow it's users to buy, sell cryptocurrency as well as use it to shop at the 26 million merchants on its massive network starting in early 2021. Here are the top 3 advantages:
1) Encouraging cryptocurrency usage globally
PayPal making it possible for every user to use cryptocurrency will directly push the adoption of cryptocurrency in new users. Letting new users knowing about cryptocurrency & purchasing it directly from PayPal.
2) More money in the market
With new users adopting cryptocurrency as a source of payment & investment, is a positive sign for cryptocurrency market capitalization. With more users in the market will not only increase the cryptocurrency market cap but can also in-directly push the prices of crypto's that PayPal will support over time.
3) Generating employment
With such big companies adopting cryptocurrency can not only increase the value of the crypto market but is also letting new startups enter the cryptocurrency business. Already stable financial companies seeing rapid adoption of cryptocurrency are setting up special teams to manage it, therefore creating new employment positions.
Numerous national banks from all over the world have communicated their aim to create digital versions of their currencies in the coming years, while Facebook Inc-drove a formation of cryptocurrency project called Libra in 2019. PayPal was an establishing part however exited following a couple of months.
PayPal, which has secured the first conditional cryptocurrency license from the New York State Department of Financial Services, will at first permit purchasing of bitcoin and different crypto's called Ethereum, Bitcoin Cash, and Litecoin, it said. It accomplices with Paxos Trust Company to offer the service.
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