To the delight of PayPal users, the global payments behemoth is set to take yet another great initiative to make life easier for all existing and potential customers. PayPal operates online payment system and has now planned to allow its users to easily move the crypto assets they hold into third-party wallets on the platform.
PayPal has been known to support cryptocurrencies as it allowed its users to buy Bitcoin and other major digital assets since October last year. The company now plans to let its users hold their cryptocurrencies on the platform and use it to make direct payments to retailers.
Many crypto enthusiasts believe that cryptocurrencies are the future of currency, regardless of the ups and downs of the crypto market. However, with the increasing use of digital assets, it might be a suitable time for you to invest in them. If you are a beginner then you need to use a secure exchange so you can invest without worrying about the risk of scams.
As a first-time crypto investor, you can use SwissBorg or Kraken, which are two of the top crypto exchanges in the market and allow you to purchase Bitcoin, Ethereum and several other cryptocurrencies.
Why PayPal Plans to Take this Initiative?
Following previous reports, PayPal has been criticized for allowing its users to hold the cryptocurrencies they own on the platform and use them to make payments.
However, here is what the Vice President of PayPal had to say:
“We want to make it as open as possible, and we want to give choice to our consumers, something that will let them pay in any way they want to pay,” da Ponte said. “They want to bring their crypto to us so they can use it in commerce, and we want them to be able to take the crypto they acquired with us and take it to the destination of their choice.”
The V.P. of the company continued to state that PayPal can be perceived as a “natural way” to allocate central bank digital currencies as they are launched. A great number of people had to wait to receive their relief checks in the mail when the COVID-19 pandemic was at its peak. However, PayPal can be the solution to any difficulties faced in rapidly delivering stimulus.
It was also revealed by Fernandez da Ponte at the CoinDesk’s Consensus 2021 conference held on Wednesday, that PayPal is now also working on the withdrawal function of crypto assets.
Good News for Crypto Investors and Traders
The crypto market has quite a vast audience, which is anticipated to increase with time. People who fully recognize the potential of digital assets such as Bitcoin and Ethereum even held on to the crypto assets they owned during the shocking correction witnessed last week.
Despite the rise and fall in the price of cryptocurrencies, their significance remains the same. With initiatives taken by global companies such as PayPal, the future of crypto is expected to become even brighter.
Therefore, if you have been planning on buying digital currencies such as Bitcoin, you can look for a crypto exchange with lowest fees and start investing. Bitcoin and Ethereum are the top two digital assets in the market and if you are interested in purchasing either of these, you can use SwissBorg or Kraken.
You can enjoy the benefits offered by cryptocurrencies once you invest in a digital asset and become even more financially empowered if you consider becoming a crypto trader. There are several crypto exchanges in the market. However, if you plan on crypto trading then you should consider choosing ByBit, which is one of the top platforms.
You can also opt for copy-trading by using PrimeXBT Covesting if you do not have enough time to be an active trader. Copy-trading allows you to directly copy the trades of an experienced trader of your choice.