On Thursday, PayPal began trading and payments for digital currencies to all eligible customers in the United States.
According to its updated announcement, PayPal has ended the waiting list for customers looking to use cryptocurrency in the United States, which has a cap of $ 20,000 per week, which is twice the $ 10,000 originally advertised.
Ultimately, PayPal plans to make cryptocurrency payments available to 26 million merchants worldwide.
A representative told Cointelegraph that PayPal will notify US customers of the general availability of cryptocurrency services in the coming days.
PayPal CEO Dan Shulman also noted that the shift to support cryptocurrencies has been driven by what he sees as an "inevitable" drift toward virtual currencies.
"The shift to digital forms of currencies is inevitable, and it brings with it clear benefits in terms of financial inclusion and access; the efficiency, speed and flexibility of the payments system; and the ability of governments to disburse money to citizens quickly."
The long-awaited global service launch is expected at the beginning of 2021, along with cryptocurrency payments on Venmo. PayPal initially announced its plans to merge cryptocurrencies three weeks ago. The announcement increased the Bitcoin price.
As part of its cryptocurrency services, PayPal received its first conditional BitLicense license from the New York Financial Services Department, one of the most stringent subnational financial regulators in the United States, and many have indicated that PayPal's cryptocurrency service terms will require no Tweeting coins purchased on the platform, likely as part of a compromise with regulators in bringing cryptocurrency services to a broad user base.
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