New York state financial regulators said Wednesday they have granted PayPal a license that will enable the online payment provider’s customers to buy, sell and hold certain cryptocurrencies, providing a potentially big boost to the use of the digital assets.
PayPal announced that will allow their clients to embrace Bitcoin and few other currencies Bitcoin Cash, Ethereum and Litecoin. That opportunity will be through partnership with Paxos Trust, trusted company chartered in New York, to handle payment giant’s trading and custodial services for involving cryptocurrency.
This great announcement boosted the price of Bitcoin to $13K and for sure made most of the non crypto individuals more comfortable to join and invest in Bitcoin and in crypto in general. It’s a fact that PayPal can expose Bitcoin and the altcoins to 300 million millennials, giving them options besides the traditional financial assets.
Eventually with the NY crypto BitLicense and serving 26 million merchants around the world, we wouldn’t be surprised in the near future that PayPal will issue own digital currency in form of digital dollar, most likely USD backed stablecoin.