In late fall of 2020, U.S. payments behemoth Paypal announced that it plans to allow its U.S. customers to use Bitcoin, Ethereum, XRP and a number of other coins for purchases with over 26 million merchants around the world.
PayPal users are also allowed to buy and sell crypto but only on the company’s network without withdrawing coins or holding private keys. Purchases and sales have been enabled by the Venmo app, owned by PayPal.
The former has millions of user-millennials, who are statistically into crypto.
Paypal embracing cryptocurrencies was taken by the crypto community as another major milestone toward global crypto adoption.
However, many were unhappy that Bitcoin and other cryptos can be bought/sold/stored only within the company’s ecosystem.