Financial Cryptocurrency has been a controversial topic for some time now. Its reliability and safety as a stable financial system lies at the heart of its speculation. As a result, this has been a stumbling block within the existing financial industry in terms of how it envisages its role and how it will be globally adopted in the future.
However, this may be all about to change! With a recent announcement that PayPal is now looking to expand its features to incorporate financial cryptocurrency as of 2021 could be the welcomed step for the crypto industry, which they have been looking for.
PayPal’s influence on financial cryptocurrency
Naturally, PayPal began as a form of a digital bank and so they understand digital IT technology and the financial industry. Since 2002, PayPal built its client base through its digital wallet as the default payment method for ecommerce selling site eBay. Although during 2015, it separated itself from eBay to become its own standalone company. Today, PayPal still supports eBay together with the likes of Amazon and Shopify and globally, PayPal is often promoted as the ‘go to’ financial plugin for independent ecommerce sites because of its reputation to be stable and secure.
Over the years, PayPal has prided itself as a means of processing financial transactions as a simple way to setup a financial account, offering easy to use payment methods, fund security and simple tools to review accounting.
Awarded the first ‘conditional cryptocurrency license’ from the New York State Department of Financial Services, soon, PayPal customers will have the opportunity to purchase a range of cryptocurrencies which will bring the financial cryptocurrency concept further into the public domain.
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