45 F
New York
Saturday, December 5, 2020

PayPal to Allow Customers to use Cryptocurrencies for Online Payments

Must read

Outrage as Police Guide Labels BLM a ‘Terrorist Group’

A research document being promoted by a law enforcement training group has sparked outrage for urging local police to treat Black Lives...

Bridging the Funding Gap for Black Women Business Owners

Black women are the fastest-growing group of entrepreneurs in the country, yet many are facing challenges in raising funds for their startups.

Rev. Jesse Jackson Writes Dutch PM Urging Him to Ban ‘Racist Black Pete’ Tradition

Civil rights icon Reverend Jesse Jackson wrote a personal letter to Dutch Prime Minister Mark Rutte, calling for him to cancel the...

Ethiopia Blocks Refugees from Fleeing to Sudan

Ethiopian forces are blocking people from fleeing the Tigray region and crossing the border into Sudan, according to Sudanese forces.
The Hub News Staff
The Hub News Staffhttps://thehub.news
Curators and highlighters of news and accomplishments from the Global Majority. From tech to books, wellness to money, throughout the diaspora we are bringing content that is both unique and focused on showing the world our best.

PayPal Holdings Inc.has announced its plans to allow customers to buy cryptocurrency through their accounts and allow them to use cryptocurrency for merchant payments.

Customers will soon have the ability to buy, hold and sell select cryptocurrencies, initially featuring Bitcoin, Ethereum, Bitcoin Cash and Litecoin, directly within the PayPal digital wallet.

The payment platform intends to roll out the new changes over the coming weeks, kicking off in the U.S.

PayPal partnered with Paxos Trust Company, a regulated provider of cryptocurrency products and services. It obtained a conditional cryptocurrency license from the New York State Department of Financial Services, generally known as the BitLicense.

“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly,” said Dan Schulman, president and CEO, PayPal, said in a press release.

“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange. 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.”

The move may upset many in crypto circles, who feel that the company already monopolizes a significant portion of the digital currency space.

- Advertisement -

More articles

- Advertisement -

Latest article

Namibian Politician Named After Adolf Hitler Wins Election

A Namibian politician named after Adolf Hitler has won a local election. Adolf Hitler Uunona won more than 85...

Son of Venezuelan President Running for Congress

Venezuelan President Nicolás Maduro's only son is campaigning for a seat in Venezuela's congress. According to The Washington Post,...

Emmanuel Acho: ‘White People Don’t Understand the Jurisdiction of Black Culture’

Emmanuel Acho became a household name on the back of his illustrious career with the Cleveland Browns, Philadelphia Eagles and New York...

Is the Scale Your Friend?

Is the scale your friend or enemy? Of course, it serves a purpose, but there’s more to health and fitness than just...

This Day in History: December 3rd

The North Star, the antislavery newspaper established by Frederick Douglass, went into publication on December 3, 1847. Douglas started the newspaper using funds from his...