PayPal announced plans to incorporate cryptocurrency into its online payment platform. Available later this year, the announcement makes PayPal one of the most significant companies in the financial technology sector to adopt support for virtual currencies.
PayPal is one of the most recognizable online payment platforms. It is widely used and accepted in the United States. While they began as a payment platform for businesses when founded in 1998, over 20 years later they now offer pre-paid debit cards, debit cards attached to your PayPal balance, credit cards and consumers can have their pay directly deposited. They have been a leader and frontrunner in the industry, especially after “marrying” eBay and acquiring Venmo. The company looks to break yet another barrier by incorporating cryptocurrency into its platform for online payments.
Paypal really spearheaded the online payment processing industry as one of the first companies to see a need and fill it. Beginning with businesses, the company eventually grew to process peer-to-peer payments. Still, PayPal is not without its faults having undergone scrutiny and lawsuits around blocking accounts shortly after going public. However, they are now one of the most trusted methods for businesses and consumers alike to send and receive payments. TheStreet.com had this to say about PayPal:
“Overall, investors and analysts view PayPal as a major player in the global digital payments sector and, despite intense competition from fintech players and major global banks fighting over the same customers, the company seems well-positioned for financial growth going forward, with a rising share price a seemingly foregone conclusion.”
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