PayPal joined the cryptocurrency market, allowing customers to buy, sell, shop, and hold bitcoin and other cryptocurrencies on its network

PayPal joined the cryptocurrency market, allowing customers to buy, sell, and hold bitcoin and other virtual coins using the U.S. digital payments company’s online wallets.

PayPal customers will also be able to use cryptocurrencies to shop at the 26 million merchants on its network starting in early 2021, the company said in a statement.

PayPal hopes the service will encourage global use of virtual coins and prepare its network for new digital currencies that may be developed by central banks and corporations, President and Chief Executive Dan Schulman said in an interview.

“We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role,” he said.

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