A few weeks ago, the cryptocurrency community rejoiced upon hearing the news that PayPal, one of the largest fintech platforms in the world, would begin allowing cryptocurrency transactions on its platforms.
At the time, it was mostly unconfirmed speculation regarding PayPal and its millions of users. However, it seems that more information has finally come through. Recent reports state that PayPal is gearing up to enable merchants on the platform to accept cryptocurrency.
This information comes courtesy of Sandi Bragar, who is a managing director at Aspirant, an investment management firm. Bragar revealed this during an interview with CNBC, during which she discussed her firm’s view of PayPal and why it is a good investment option.
She credited this view to the company’s upcoming changes as well as the effects of COVID-19, stating:
“It’s at the forefront of all the e-commerce and digital payments, and we think that there’s been a huge amount of demand as people have been staying at home, conducting commerce from their couch, from their beds, wherever they’re hanging out.[…]We also like that PayPal is working with merchants to bring crypto into the fold, and we think that’s going to be really important as more of the cryptocurrencies become more mainstream in the years ahead,” she said.
Her statement lends more credibility to the suggestion of cryptocurrency playing a more prominent role on PayPal’s platform.
The Implications of this Change
This news is significant not just because it offers another avenue for cryptocurrency holders to send and receive tokens but also has far-reaching implications for the industry.
PayPal is one of the most influential financial platforms in the world with hundreds of millions of users. Its public endorsement and acceptance of cryptocurrency could open the doors to not just increased visibility but also further adoption.
As previously reported by The Daily Chain, back in June, reports emerged that that PayPal is set to introduce crypto to its 325 million users with Paxos Crypto Brokerage.
While cryptocurrency was shunned by a number of large platforms in the past (a former PayPal executive even spoke negatively of bitcoin at one point), these developments show that the industry has come a long way and is too big to ignore anymore.