“It’s only been a matter of time before PayPal offered their customers a way to buy Bitcoin, says Danny Scott, CEO and Co-Founder at CoinCorner. Earlier in the summer, they announced that they were looking at the option, having dropped out of the Libra association a little over a year ago.
“The news hasn’t really come as a surprise to the industry. One of PayPal’s competitors in the US, Square, had seen revenue of $306 million in Q1 2020 surpassing its fiat revenue stream by around $100 million.
“PayPal is currently only offering this service to the US and by the sounds of the functionality, it’s very basic, meaning that it’s a closed loop – aka, you can’t withdraw your Bitcoin and use it elsewhere, or send your Bitcoin from outside of PayPal into their system.
Join The European Business Briefing
The daily email on markets, technology, power and money across Europe. Join 10,000+ founders, investors and executives who read EBM every morning.
Subscribe“The announcement is still great news, however, as it shows a positive step forward for the industry, and brings yet more credibility to Bitcoin and its future.”
