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US PayPal's Clients Can Use 4 Cryptocurrencies for Transactions

13 November 2020, 16:33
Votes: 3

The world's giant in terms of online financial transactions, PayPal, officially added four cryptocurrencies to the available payment options. The novation is available only to US residents but with a few limitations as well. Login Casino continues acquainting its readers with the latest cryptocurrency news, explaining the details concerning PayPal's step.

US PayPal's Clients Can Use 4 Cryptocurrencies for Transactions

Only a month ago, PayPal shook the world with the news that it planned to add crypto assets to the list of available payment options. On November 12, the company announced the start of the program that inrush the usage of cryptocurrency for wide payment usage.

It is still not the full crypto freedom for PayPal users

Even though this step is a breakthrough in the financial sphere, there are plenty of obstacles and limits that PayPal imposed on its customers. Thus, the company now added only four digital currencies that will be present in the e-wallets. The top-ranked ones, Bitcoin, Bitcoin Cash, Ethereum, and Litecoin, expanded the possibilities of PayPal clients. However, the company is already planning to add Venmo soon.

Among the other innovation's obstacles is the limit on the weekly crypto purchase, which is $20 000. Another adverse element is the inability to remove a token from the wallet. PayPal organized this aspect as holding the crypto assets on the users' behalf.

How will PayPal’s step influence the crypto industry?

The reason for launching additional digital currencies is trite - business interest. The US wasn't a random choice, as about 60% of Americans are using PayPal. Having almost 300 million active users overall, PayPal receives additional options to get extra fees from transactions. Being not the cheapest but most popular e-wallet with fees between 2.3% and 1.5% (depending on the transaction amount), the firm receives a powerful instrument to collect extra revenue.

Although top crypto exchanges like Binance taking only a 0.1% fee from the transaction, PayPal undermined the market. Experts predict the growth of Bitcoin value and overpassing the $16 000 level. The company will also continue developing in this sector, adding other countries to the crypto whitelist, along with expanding the number of available tokens for trade.

Read moreHow to understand the difference between the value of Bitcoin and Ethereum?

Read moreCan Bitcoin casinos become the new illegal gambling option?

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