The company will provide information to help account holders understand blockchain tech, the digital currency ecosystem and “the risks and opportunities related to investing in cryptocurrency.” It won’t charge users service fees to buy or sell cryptocurrency through the end of the year, and you won’t have to pay any fees for holding it in your PayPal wallet.
PayPal also plans to bring cryptocurrency to Venmo in the first half of 2021. It hopes to allow users in some other countries to buy and sell cryptocurrency next year too. The New York State Department of Financial Services has granted its first conditional “Bitlicense” to PayPal.
The company’s CEO Dan Schulman told Reuters that PayPal hopes the move will encourage global uptake of cryptocurrency. The service is also preparing for central banks and corporations to set up their own virtual currencies. PayPal cited a survey of central banks suggesting a tenth