PayPal launches Bitcoin buying and selling
PayPal on Wednesday entered the cryptocurrency market, launching a new service enabling users to buy, sell and hold Bitcoin directly within their existing PayPal account.
Ethereum, Bitcoin Cash and Litecoin will also be offered in the first wave of supported digital currencies.
The California-based payments giant also confirmed plans to integrate cryptocurrency into transactions from early 2021, enabling users to pay for goods and services directly using digital currency at more than 26 million merchants worldwide.
The feature is initially limited to account holders in the US, though the firm expects to roll the service out to more of the 346m active accounts around the world from next year.
PayPal, which also owns shared payments app Venmo, is one of the world’s biggest online payments brands. News of it backing the cryptocurrency sent the value of Bitcoin soaring more than $1000 in 24 hours, climbing above $12,960.
Initially, PayPal's crypto system will be a closed loop, with the idea of introducing cryptocurrency adoption to a wider audience, i.e. those who have heard of the concept, but have yet to enter the ecosystem either due to confusion or risk-aversion.
But the payments company hopes to leverage its scale and brand recognition to evangelise the shift to digital currency, a sea change that president and CEO Dan Schulman believes is “inevitable” due to advantages in efficiency and cost-saving.
“We are eager to work with central banks and regulators around the world to offer our support, and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce,” he added.
Charles Cascarilla, co-founder and CEO of Paxos, which built the platform underpinning PayPal’s new crypto service, says the news is significant for the entire industry: “PayPal can drive increased awareness, education, adoption and utility for digital currencies.”
‘Not a surprise’
Danny Scott, CEO and co-founder of crypto exchange CoinCorner, says the announcement “hasn’t really come as a surprise to the industry”.
Since Paypal withdrew from Facebook’s on-ice stablecoin Libra, it has been seeking an alternative inroad to cryptocurrency. This initial foray, Scott says, “shows a positive step forward for the industry, and brings yet more credibility to Bitcoin and its future”.
The Ultimate FinTech & InsurTech LIVE Event
From October 12th-14th, 2021, BizClik’s FinTech & InsurTech live event will bring together influential executives from around the world. Live from London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future.
With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech live will expand your network, deliver insight, and enhance your organisation’s reach. Events include a forum on financial services, discussions centred on racial equality and women in fintech, and APAC, EMEA, and US-focused sessions that capture insights from around the world.
The event will include:
- Keynote addresses from respected industry leaders
- Dynamic live roundtables (inc. Q&A)
- Fireside discussions
- Inspirational Speakers & Presentations
- Extensive networking opportunities
Scope Out the Agenda
This week, we’ll share our weekend schedule of events, filled with essential industry topics and keynotes replete with knowledge and insight. Here’s a rundown of the three-day schedule:
Kicking off at 10 AM with a welcome message from our CEO Glen White, the first day of FinTech and InsurTech Live won’t pull any punches. We discuss racial equality, inventive financial services, and cloud migration—and that’s just the morning lineup.
Later on, we’ll cover supplier diversity, AI digital transformation, and fintech sustainability, in addition to cloud and digital transformation in global insurance. Don’t worry—we have a networking lunch in-between events! Finally, we’ll close out the day with online banking, women in fintech, and a recap of Day 1.
First we’ll hear from Scott Birch, our expert BizClik Media Editorial Director and facilitator, live from the Fintech Leaders Stage. We then jump into the future of digital payments, unicorns, and digital insurance brokers. Interested in learning more about digital underwriting and digital payment solutions? You’ve come to the right place.
In the afternoon, we’ll touch on CX in insurance, host a forum on financial services, and discuss what the world might look like as a cashless society, plus the future of challenger and neo banks. Wrapping up, we’ll talk tech and AI in insurance, PayTech, and hear from a surprise inspirational speaker. But we’re not done yet.
As is only fitting, BizClik’s CEO, Glen White, will introduce our APAC sessions, highlighting the critical role that Asia will play in the future of fintech and insurance. Following his remarks, we’ll open up the floor for a chat about digital banking, discuss technology in APAC, and hear from Dipu KV in an iconic keynote address.
After a series of thought leaders and networking sessions, we’ll head into an EMEA-focused session, which includes an EMEA technology panel, a CDO keynote, and a Europe enterprise presentation. In fact, this day’s events span the globe. Next up is a USA regional keynote, followed by a US CIO presentation and talks about enterprise.
A final end-of-event farewell will close out the weekend, wrapping up a successful FinTech and InsurTech global event. Can’t miss it. We look forward to seeing you there!