1. PayPal is introducing the ability to buy, hold and sell select cryptocurrencies, initially Bitcoin, Ethereum, Bitcoin Cash and Litecoin, directly within the PayPal digital wallet.
2. The service will be available to PayPal account holders in the U.S. in the coming weeks. The company plans to expand the features to Venmo and select international markets in the first half of 2021.
3. There are no service fees when buying or selling cryptocurrency through December 31, 2020, and there are no fees for holding cryptocurrency in a PayPal account.
4. As of early 2021, PayPal customers will be able to use their cryptocurrency holdings as a funding source to pay at PayPal’s 26 million merchants globally. Consumers will be able to instantly convert their selected cryptocurrency balance to fiat currency with no incremental fees. PayPal merchants will have no additional integrations or fees.
5. PayPal has been granted a conditional Bitlicense by the New York State Department of Financial Services (NYDFS) and has been exploring partnerships with licensed and regulated cryptocurrency platforms and with central banks around the world.