Paypal Continues To Make Inroads Into The Crypto Space

Established in 1998 as Confinity, PayPal had its initial public offering in 2002, and became a wholly owned subsidiary of eBay later that year. eBay spun off PayPal in 2015 to unlock additional value.

PayPal Holdings, Inc. operates as a technology platform and digital payments company that enables digital and mobile payments on behalf of consumers and merchants worldwide. The company's Payments Platform allows consumers to send payments, withdraw funds to their bank accounts, and hold balances in their PayPal accounts in various currencies.

Over the past 12-18 months, PayPal has increased hiring experts in blockchain technology. In 2018, Paypal filed a patent to increase crypto transaction speed and another patent to defend against crypto-ransomware in 2019. And this past April, Paypal invested for the first time in a blockchain startup, helps companies manage sensitive data through shared ledgers.

Now Paypal is making it easier to buy crypto through fiat, at least in Europe.

Crypto exchange bitFlyer Europe has announced an integration with PayPal.

The move means bitFlyer users can now deposit euros using their PayPal accounts to buy cryptocurrencies. "What we have done is that we have integrated PayPal in the same way e-commerce websites would," Jacek Bastin, business strategy manager at bitFlyer Europe, told The Block. "The integration is all about removing barriers to entry."

Indeed, PayPal is a dominant payment method in Europe, with about 35% market share, said Bastin. "So that's a clear milestone for us, and enables us to follow our mission to make crypto more accessible for all, especially newcomers," he added.

As soon as the US gets with the program, I envision citizens in the US will have another means to buy cryptos via Paypal. If you believe in the Paypal story, the chart suggests to go long now as price is within a daily demand zone at $175.

This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.

Posted Using LeoFinance