We see ourselves as a conduit between the fiat, or traditional finance, environment and the Web3 environment. integrating BTC into their balance sheet, and the world’s biggest company adopting it as a payment method.įernandez da Ponte told TechCrunch that the company wants to serve as a bridge for users to transact between the fiat world and the digital asset world. PayPal letting its users buy, sell and hold digital assets was the first announcement in a new adoption trend that saw the first publicly traded company in the U.S. At this time, the news was considered one of the main catalyzers for a Bitcoin bull-run which took the cryptocurrency from a yearly low at $3,500 to over $65,000 in the subsequent months. The payment processor announced its crypto offering back in October 2020. What PayPal’s Crypto Initiative Meant For The Sector Fernandez da Ponte, as he told TechCrunch, believes the ability to send and receive crypto transactions is a natural step for the platform and an improvement for the users “who want to do more with their digital assets”. The executive hinted at this new feature last year. They can also send crypto to anyone who is in the PayPal system. If users have crypto somewhere else and want to consolidate, they can bring it to PayPal from external addresses. The external withdrawal functionality will be progressively available across the U.S. PayPal to PayPal transfers will remain feeless for the users, but people will need to complete an additional layer of identity verification.
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