On Wednesday 21st of October, Paypal made an announcement that shook the crypto world, according to credible sources starting in early 2021 Paypal will allow users to buy, sell and store multiple cryptocurrencies on their platform.
Payments will be settled in fiat currencies, meaning that merchants will receive fiat on their end, the conversions will be taken care of by Paypal, cutting away the issues that come with crypto volatility for merchants and shoppers.
The coins that will initially be supported by their platform are Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). Paypal has also said they have partnered with Paxos Trust Company in order to facilitate this service.
So why is this big news for crypto and projects like ours? PayPal is one of the largest global payment providers, with 346 million active users and $222 billion in volume processed in the second quarter of 2020. A platform this large help to push crypto towards mainstream adoption.
Following the announcement on Wednesday the price of BTC surged all the way up to $13200 dollars per bitcoin and #Paypal and #Bitcoin were both trending on Twitter.
If you’d like to find out more about our crypto project visit www.cudos.org and have a look at how we’re using crypto and blockchain technology to take cloud computing into the next generation!
