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Yassine-Elmandjra

By Yassine Elmandjra | @yassineARK
Analyst

PayPal and its subsidiary Venmo have announced plans to enable cryptocurrency purchases. Within the next few weeks, users of Paypal’s Cash or Cash Plus will be able to buy, sell, and hold bitcoin, ether, litecoin, and bitcoin cash.

In June, CoinDesk surfaced rumors of PayPal’s crypto plans, suggesting that its 346 million users around the world would be able to buy and sell cryptocurrencies.

Next year, PayPal plans to enable crypto purchases through its network of more than 26 million merchants and through Venmo, its P2P payments app. According to its FAQ, “Once launched in 2021, when a consumer selects cryptocurrency as the funding source, the cryptocurrency will be instantly converted to fiat currency and the transaction will be settled with the PayPal merchants in fiat currency.” PayPal has not disclosed when or if it will enable cryptocurrency withdrawals, a cause for concern for the crypto community.

With 346 million active users around the world, PayPal will be the first network capable of introducing crypto to a mainstream audience.