Paypal7 Jan 2021 20:57
PayPal Holdings Inc (NASDAQ:PYPL) chief executive said its users will be able to use cryptocurrencies [available on PayPal] as "a funding source later this year to buy at any of our 28 million merchants … their promise is to use modern technology to enhance the utility of payments."
In October last year, PayPal, with over 300 million active users, announced that it had entered the cryptocurrency market, allowing its users to buy and sell bitcoin and other virtual currencies using their PayPal accounts.
The strong demand from users has seen bitcoin buying and selling volumes on PayPal's platform rise by more than 500% in the last two months, with transaction volumes rising from around $20 million in November to more than $100 million, according to Paxos-owned ItBit, PayPal's exchange provider.