PayPal launches bitcoin buying and selling for US users

The payments company PayPal announced access to bitcoin and several altcoins for its American customers.

Among the supported cryptocurrencies are Bitcoin, Bitcoin Cash, Ethereum and Litecoin.

“We are pleased to announce that all eligible US account holders can now buy, hold and sell cryptocurrency directly through PayPal,” the company said.

Cryptocurrency transactions will be automatically converted into fiat. This means that merchants will not have to leave their familiar traditional system.

To implement the new feature, PayPal, after partnering with Paxos, received a limited license from the New York State Department of Financial Services.

PayPal confirmed that cryptocurrencies can be used to pay for goods and services at 26 million points of sale that operate with the platform.

The weekly limit for buying cryptocurrencies, previously set at $10,000 per week, has been raised to $20,000.

Earlier, PayPal announced the launch of the ability to buy, sell and store bitcoin and other cryptocurrencies in October.

CEO Dan Schulman also said the company could begin working with central bank digital currencies (CBDCs). In his view, their rollout is only a matter of time.

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