PayPal adds Buy and Sell cryptocurrency Feature
Paypal has concluded plans to let, PayPal users the opportunity to buy, sell, and keep cryptocurrency directly from their PayPal account. According to PayPal, the feature to buy, sell cryptocurrency is now available to all US PayPal users.
From the image above, you see the snapshot when you open your PayPal account. From the menu, you get the ability to buy and sell Bitcoin, Ethereum, Litecoin, or Bitcoin Cash.
Although, the feature to buy and sell Bitcoin is only available to PayPal users within the PayPal app. The company is offering initial support for bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
According to PayPal, the ability to add cryptocurrency purchases to its app and Venmo app and some international markets in 2021. PayPal also intends to let people use their cryptocurrency holdings within the app to make online purchases starting in early 2021.
Based on our belief that Square’s Cash App notably increased monetization since its launch in 2018, we see a ~10% increase in [average revenue per user] as achievable for PayPal, Horgan wrote in a Thursday note to clients. He argued that crypto functionalities could help drive upside to PayPal’s $900 million revenue target for its Venmo service next year.