The whole crypto-sphere has been waiting for the news for years, it will become a reality: it will soon be possible to pay in cryptocurrency via PayPal under certain conditions.
Since its CEO has shown himself in favor of the use of crypto-currencies, the community has been waiting for PayPal’s official announcement to integrate it into its payment methods. In the coming weeks, the United States will be able to take advantage of this, then Europe will follow in the first quarter of 2021.
Growing interest for two years
In two years, PayPal has deployed a lot of means to integrate the crypto ecosystem into its environment, starting by sending a letter to the European Commission to inform it of its intentions.
A few months later, the announcement of a partnership with Paxos (a payment method integration company) opened the door to much speculation. A payment integration test followed with the Bitflyer exchange, which thus kills its competitors on European territory.
A sufficient result?
While many investors claim to be delighted to see such a large institutional player integrating four digital assets into their payment solution, there are some caveats.
The first of these concerns access to private keys, essential to be able to have real possession of the goods. Without them, PayPal keeps control of the account, and therefore the cryptos in the wallet.
Added to this is the inability to transit these assets to and out of PayPal wallets. Also, the 26 million trades will receive euros and not Bitcoin. The conversion will therefore take place at the time of transaction… by PayPal.
Expected for the first quarter of 2021 in Europe, this new payment possibility therefore seems to have for the moment the aim of raising awareness of the use of cryptocurrencies by the general public, while keeping very strict control of these funds.