This is nothing but good news as the digital payment giant, PayPal set to allow the buying, holding, and selling of cryptocurrencies by early 2021. Although Skrill and CashApp have this feature in their product it’s not as popular enough as PayPal.
PayPal boasts of 26 million customers across the world, where most of these customers are cryptocurrency enthusiasts but they had no choice but to stick to their cryptocurrency wallet apps.
PayPal Holdings, Inc. gladden the hearts of its users when they announced on the 20th of October, 2020 that we can be able to buy, sell, or HODL cryptocurrencies on our PayPal accounts without connecting or linking to an external crypto exchange service.
Just in case you don’t know;
PayPal is an American company offering online payment systems for its users since 1998. The company allows its users to send, receive money, and also buy or pay for something online.
Since the company has been actively operating, they deal with currencies like USD, EUR, GBP, and other popular currencies spend in different countries of the world, but since cryptos are not used popularly as means of exchange of goods and services, PayPal hasn’t added cryptos to its platform.
You might be thinking…
Will this Cryptos Features Be Available on Nigeria PayPal Accounts?
Well, I’m not sure until when PayPal finally offers the Cryptos services by early 2021 as they’ve announced. But the chance that we will have this Cryptos feature in our Nigeria PayPal accounts is very lean.
Recall that PayPal itself is not 100% available in countries like Nigeria, Pakistan, etc… Nigeria’s PayPal can only be used to purchase something online, it cannot send out funds not to talk of withdrawing money to your local bank account.
But if this PayPal cryptos service really works in our PayPal, then, that will be the best thing that has ever happened in Nigeria’s global payment sector after the acquisition of Nigeria’s fintech startup, Paystack by Stripe.
But let’s just hope for the best, as PayPal said they plan to make sure its crypto service is available as a source of funds to its 26 million users across the world (They haven’t made any exemption yet).
But why is PayPal venturing into Cryptos all of sudden?
That’s one of the questions people may need to find answers to.
Of course, PayPal has been existing since two decades ago, and Crypto is neither a new thing as well. But according to a press statement quoted by Nairametrics, the president and CEO of PayPal, Dan Schulman said the reason why Paypal is going into cryptocurrency is that:
“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of speed, the ability for governments to disburse funds quickly, resilience, efficiency, financial inclusion, and access.”
The PayPal CEO further said they’re working with central banks and financial regulators around the world to offer their support in shaping the impact of digital currencies globally.
The digital payment company has been granted conditional Bitlicense by the NYPDFS, the New York State Department of Financial Services in other to encourage or support New York consumers through a partnership with the city authorized virtual currency companies.
How PayPal is going to achieve this Cryptos’ Feast?
A licensed and regulated crypto services provider company known as PAXOS Trust Company made it possible for PayPal to achieve their dream of offering crypto services to its 26 million (and new users) across the world.
This is a great development and we are expecting to see this amazing feature soon! Even if PayPal will not allow Nigeria’s PayPal accounts to enjoy this crypto service, I believe it will still be of benefit to those currency exchangers in Nigeria – provided they play along smartly.
Since you’re here;
#EndSARS #PoliceBrutalityinNigeria #BadGovernance
I feel so disturbed seeing unarmed protesters being killed by Nigerian security agencies just for protesting peacefully against the bad omens in the country.
Everywhere is risky and in chaos, war is subtly escalating!
I really wish I can call every and each reader of my blog, pertaining to this our dear country – Nigeria.
A lot has been happening in the country which has negatively affected us democratically. Nigeria is the world poverty capital of the world but yet, we have the richest politicians in the world. Our reputation is not good globally and the whole Nigeria system (Education, infrastructure, employment, government, and everything) is a SCAM.
….and, it’s time things change for the better.
For example, we need a country where foreign investors and company will be glad to work with. That’s why thousands of patriot Nigerian youths are protesting against Bad governance, Police brutality, and other bad things happening in the country.
But right now, as your brother, friend or son, kindly stay INDOOR for now. This is not the right time to REVENGE, let’s stay SAFE and come back stronger.
World powerful organizations such as the UK parliament etc., are interfering. And hopefully, the ICC and the United Nations won’t ignore us.
Please stay INDOOR, that’s the best precaution to stay SAFE, this is not Corona Virus, this is more brutal than COVID-19.
Stay at HOME, Stay SAFE!!!