PayPal announced last month that it would be launching support for cryptocurrency and the functionality has finally rolled out for users in the U.S. This means that PayPal users can now buy, sell, and hold cryptocurrencies from their PayPal account.
The functionality can be seen in the PayPal app by tapping a banner at the top of the main screen that says something about buying cryptocurrency. It will show several cryptocurrency options, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
While PayPal has taken a major step towards the adoption of digital currencies, it isn’t the first financial service provider to support cryptocurrencies. Square’s Cash app introduced support for Bitcoin in 2018, for instance.
Moreover, PayPal is planning to expand its cryptocurrency support to Venmo. In early 2021, PayPal will allow users to pay PayPal merchants via cryptocurrency.