PayPal Starts Laying Foundations For Crypto Payments Service

Bitcoin’s markets are at its most bullish it’s been since the great bull run of 2017, with billionaire investors piling into the hype this time around, as well. The billionaire players are buying into Bitcoin thanks to its narrative of being a store of value instead of a form of cash payment.

Now, however, as PayPal renews its efforts to integrate crypto, the first-ever cryptocurrency could very well start to be seen as a medium of exchange of note, as well.

PayPal Going Into Crypto

Massive waves were made across the crypto space after PayPal announced that it adopted a number of cryptocurrencies, allowing US users to do business in crypto through the payments giant.

In particular, US PayPal users are capable of buying Ethereum, Bitcoin, Litecoin, and Bitcoin Cash. The ItBit exchange stands as a proxy when it comes to the trading volumes of PayPal, and is currently recording daily volumes of up to $35 million.

Bitcoin, alongside Ethereum to a lesser degree, has been roping in an array of new investors, primarily thanks to the economic crisis currently happening across the globe. PayPal has opted to capitalize on this new uptick, rolling out payments, albeit restricted ones.

BitPay And PayPal: Rivals And Possible Allies

Dan Schulman stands as PayPal’s CEO, and has recently confirmed that users will be capable of making crypto payments to its 28 billion-plus merchants in early 2021. Through an interview with CNBC, Schulman explained that PayPal itself would automatically convert the respective crypto of their customers into fiat, or whatever option the merchant desires. These conversions will be done in real=time, according to Schulman.

BitPay has been the go-to service provider within this space long before PayPal set its sights on it. BitPay allowed its customers to convert crypto for fiat payments to companies or merchants. Stephan Pair stands as the CEO of BitPay, and commented about PayPal entering the crypto payments arena.

Of course, these two companies will be competitors, Pair stated, but there are opportunities, as well, for BitPay and PayPal to make a partnership.

BitPay’s Innovations

BitPay, in particular, has pushed out a new product, as well: BitPay Send. This product allows organizations and businesses to send out crypto payments, dedicated to freelancers and individuals eager to gain part of their salary in crypto.

Reportedly, this new product was due to in-house demand at the company, whose employees demanded part or even full remuneration in the form of cryptocurrencies.