“It’s only been a matter of time” says CoinCorner CEO as PayPal allows US customers to buy and sell Bitcoin
Words by Danny Scott
It’s only been a matter of time before PayPal offered their customers a way to buy Bitcoin. Earlier in the summer, they announced that they were looking at the option, having dropped out of the Libra association a little over a year ago.
The news hasn’t really come as a surprise to the industry. One of PayPal’s competitors in the US, Square, had seen revenue of $306 million in Q1 2020 surpassing its fiat revenue stream by around $100 million.
PayPal is currently only offering this service to the US and by the sounds of the functionality, it’s very basic, meaning that it’s a closed loop — aka, you can’t withdraw your Bitcoin and use it elsewhere, or send your Bitcoin from outside of PayPal into their system.
However, the announcement is still great news, showing a positive step forward for the industry, bringing yet more credibility to Bitcoin and its future.