Payment companies PayPal and Venmo are about to release a joint product that will allow buying, selling and holding cryptocurrencies, Reuters has reported.
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It should be noted that initially this new feature will be available only on PayPal and will be added to Venmo in 2021. PayPal's users from the US will be able to access the service through their wallets over the coming weeks. The service is expected to expand to other countries during the first half of 2021.
In addition, Reuters has also reported PayPal customers will be able to use cryptos to pay for goods at 26 million merchants in early 2021. Transactions with cryptocurrencies will be automatically converted to fiat, such as the dollar, so that sellers do not have to take any additional steps.
PayPal hopes this new feature will contribute to the adoption of cryptocurrencies around the world.
The first news suggesting PayPal was exploring the possibility of adding support for crypto buying and selling appeared a few months ago.