+7 C°
Traffic jam:   0

PayPal has expanded its cryptographic service

14 November 2020
2 min.
PayPal has expanded its cryptographic service

Increase in servess

PayPal Holdings (PYPL) fulfilled its promise last month by making its PayPal Cryptocurrency application available to all registered users in the USA. The service was launched on 21 October in test mode for a limited number of users.

Commenting on the financial report on 2 November, PayPal CEO Daniel Schulman said: "Only 10% of PayPal customers in the US have had access to cryptocurrency services so far".

A wide audience of Americans now have the opportunity to trade in digital format with such popular crypto currencies as (Bitcoin, Litecoin, Ethereum, etc.) from 26 million sellers. However, the company does not allow the cryptocurrency to be sent to other users accounts (this will be possible with the launch of the cryptocurrency on the Venmo platform) or to be sent to an external digital wallet. According to a PayPal representative, the company's plans to launch Cryptocurrency on the Venmo platform and international markets in the first half of 2021 remain unchanged. PayPal is working with Paxos, a New York-based financial services firm that stores all cryptocurrencies on behalf of PayPal. In order to attract as many cryptovoltaic customers as possible, PayPal has stated that it will not charge any fees when buying or selling cryptovoltaic until 31 December 2020. By analyzing demand for a limited number of users, PayPal has raised the crypt currency purchase limit from $10,000 to $20,000 per week.

The Company has also confirmed its intention not to charge for the storage of crypto-currency in its personal PayPal account.

According to the latest quarterly report of PayPal, the total number of active accounts on its platforms increased by 22% to 361 million and customer engagement also remained high.

With the launch of PayPal Cryptocurrency, the Bitcoin price rose by 32.54% between 21 October and 11 November.

Square (SQ), a competitor to PayPal, launched a similar cryptocurrency service back in 2018, last month the company bought Bitcoin for $50 million.

PayPal shares, which have increased by 74.8% since the beginning of the year, fell sharply by 7.56% last week.

Persons1 and Companies3 in the news

President and CEO of PayPal
1 place
1 place
2 place
3 place


Rating companies
56 Mention
55 Mention
52 Mention
51 Mention
Dow Jones
43 Mention
43 Mention
31 Mention


News from GlobalNY.biz is the freshest and most relevant information about high-profile events in the region. The task of the resource's news feed is to convey to readers with maximum accuracy and objectivity information about important events in business, politics, economy, healthcare, culture and other spheres of life in New York.
GlobalNY.biz news is a coverage of economic processes taking place in New York, the latest news of public life, incidents and an overview of political events. New York news is information about the activities of small and medium-sized businesses, the work of housing and communal services and utilities, the implementation of significant projects.
The site's journalists describe not only the life of the region, but also talk about the current state of the US economy. Everything you need to know about innovations in the field of industry and agriculture, economy and power is collected in the "News" section at GlobalNY.biz.
New York news quickly informs the reader, shows the real picture and opens up hot topics. Communication with government structures and business enables us to provide our readers with reliable, information-rich material. The main page of the portal contains the key news of New York!
Alena Potapova

Development Director