In an announcement on Wednesday, PayPal said that it will soon enable the use of cryptocurrencies, giving users the ability to store, sell, and buy virtual currencies beginning later this year.
The move sees PayPal adopting a new form of currency apart from its own, which leverages it to a good position in the financial tech space.
PayPal’s embrace of the cryptocurrency has been late, which competing platform Square previously did earlier back in 2018. But to compensate, the platform is extending its support of bitcoin, specifically involving Bitcoin Cash, Ethereum, and Litecoin.
In addition to cryptocurrency, PayPal also has its eyes set upon to include Venmo, a money-sending subsidiary service, and the international market as part of the adoption process in the same timeframe.
At more than 346 million active accounts, 26 million of which are classified as merchants, the initiative makes PayPal a major player in both the digital wallet and cryptocurrency exchange that will further the adoption of virtual currency among sellers and daily users.