{"id":535,"date":"2020-10-21T12:34:55","date_gmt":"2020-10-21T12:34:55","guid":{"rendered":"https:\/\/thenextweb.com\/?p=1324639"},"modified":"2020-10-21T12:34:55","modified_gmt":"2020-10-21T12:34:55","slug":"paypal-to-support-bitcoin-and-other-crypto-but-merchants-must-use-fiat","status":"publish","type":"post","link":"https:\/\/www.londonchiropracter.com\/?p=535","title":{"rendered":"PayPal to support Bitcoin and other crypto \u2014 but merchants must use fiat"},"content":{"rendered":"\n<div><img decoding=\"async\" src=\"https:\/\/img-cdn.tnwcdn.com\/image\/hardfork?filter_last=1&amp;fit=1280%2C640&amp;url=https%3A%2F%2Fcdn0.tnwcdn.com%2Fwp-content%2Fblogs.dir%2F1%2Ffiles%2F2019%2F08%2Fbitcoin-vs-gold.jpg&amp;signature=b6e920c19ffe0323e912529fc9a18f24\" class=\"ff-og-image-inserted\"><\/div>\n<p>PayPal is ready to let users to buy, sell, and hold Bitcoin <a title=\"Trade on eToro\" target=\"_blank\" rel=\"nofollow noopener noreferrer\" href=\"https:\/\/partners.etoro.com\/B9157_A72407_TClick.aspx\" class=\"c-etoroTrade\" data-short=\"BTC\">BTC<\/a> and other cryptocurrencies, <a href=\"https:\/\/ca.reuters.com\/article\/ctech-us-paypal-cryptocurrency-idCAKBN2761L6-OCATC\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">according to Reuters<\/a>.<\/p>\n<p>PayPal chief exec Dan Schulman told Reuters the company hopes this will \u201cencourage global use of virtual coins,\u201d and ready its network in anticipation of digital currencies issued by central banks.<\/p>\n<p>The US payments giant said it plans to allow users to actually<i>&nbsp;spend<\/i>&nbsp;their cryptocurrency with the 26 million merchants on its network starting early next year. PayPal reportedly boasts roughly than 346 million active accounts, and the service processed $222 billion worth of payments in 2020\u2019s second quarter.<\/p>\n<p>As noted by Reuters, PayPal is not the first service to support cryptocurrency. Jack Dorsey-led fintech Square already lets users handle digital assets, and so does trading app Robinhood. Still, PayPal is definitely the biggest.<\/p>\n<p>It\u2019s also not the first we\u2019ve heard of this. <a href=\"https:\/\/www.coindesk.com\/paypal-venmo-to-roll-out-crypto-buying-and-selling\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Back in June<\/a>, industry outlet CoinDesk reported PayPal and its mobile payments arm Venmo were planning on rolling out cryptocurrency support in the near future.<\/p>\n<p><em>[Read:&nbsp;<span dir=\"auto\"><a class=\"c-link c-message_attachment__title_link\" href=\"https:\/\/thenextweb.com\/politics\/2020\/10\/16\/what-audience-intelligence-data-tells-us-about-the-2020-us-presidential-election\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-qa=\"message_attachment_title_link\">What audience intelligence data tells us about the 2020 US presidential election<\/a>]<\/span><\/em><\/p>\n<p>And while it\u2019s sounds bullish, there\u2019s one big caveat: Cryptocurrency payments processed by PayPal will be settled in fiat currencies like the US dollar. This means merchants won\u2019t actually touch incoming cryptocurrency, which to a certain degree defeats the entire purpose, doesn\u2019t it?<\/p>\n<p>Having just checked my personal PayPal account, it doesn\u2019t look like PayPal\u2018s cryptocurrency support is live just yet. There\u2019s also currently no available information as to when it will be activated, or which coins\/tokens it will support in the beginning (besides Bitcoin). We\u2019ll update this piece should we learn more.<\/p>\n<p class=\"c-post-pubDate\"> Published October 21, 2020 \u2014 12:34 UTC <\/p>\n<p> <a href=\"https:\/\/thenextweb.com\/hardfork\/2020\/10\/21\/paypal-bitcoin-cryptocurrency-tokens-merchant-fiat-settled-dollar-reuters\/\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PayPal is ready to let users to buy, sell, and hold Bitcoin BTC and other cryptocurrencies, according to Reuters. PayPal chief exec Dan Schulman told Reuters the company hopes this will \u201cencourage&#8230;<\/p>\n","protected":false},"author":1,"featured_media":536,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts\/535"}],"collection":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=535"}],"version-history":[{"count":0,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/posts\/535\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=\/wp\/v2\/media\/536"}],"wp:attachment":[{"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.londonchiropracter.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}