Since PayPal announced its intention to enter the cryptocurrency market last week, the industry has been very excited. It is officially planned to launch a new encryption service in early 2021 to enable encrypted payments and purchase cryptocurrency directly in the app.
On October 28th, Jeremy Alayer, the co-founder and CEO of a cryptocurrency payment company, stated that he had used the PayPal application to buy $100 worth of Bitcoin (BTC) and A screenshot of the apparent transaction was posted in the tweet.
Alayer did not explain how he accessed the service before officially launching the service, nor did he state whether he had reached an advertising agreement with PayPal to use and promote the upcoming service. When this information was released, PayPal had not yet responded to Cointelegraph’s request for comment.
As mentioned earlier, the encryption functions in PayPal Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) are supported along with Bitcoin. Since the transaction is initiated in encrypted currency, it will be processed in its local legal currency and the merchant on the website.
As of the second quarter of 2020, PayPal has 346 million active accounts and managed transactions of $222 billion. By 2021, there are an estimated 26 million merchants all over the world who will support cryptocurrency payments.