“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.
“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.”