PayPal’s New Service Is A $50 Billion Stimulus Check For Bitcoin

OBSERVATIONS FROM THE FINTECH SNARK TANK

PayPal announced that it has been granted a conditional Bitlicense by the New York State Department of Financial Services (NYDFS). The license will enable PayPal to launch a new service that will enable its customers to:

  1. Buy, hold, and sell cryptocurrency (initially Bitcoin, Ethereum, Bitcoin Cash, and Litecoin) directly within the PayPal digital wallet.
  2. Use the cryptocurrencies as a funding source for purchases at its 26 million merchants.

PayPal said there would be no service fees for buying or selling cryptocurrency through December 31, 2020, and no fees for holding cryptocurrency in a PayPal account.

According to the

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