PayPal makes a breakthrough for digital assets

PayPal makes a breakthrough for digital assets

PayPal makes a breakthrough – On October 19th, New York state financial regulators announced they had licensed PayPal to allow the online payment provider’s customers to buy, sell and hold money 4.0. Providing a potentially big boost to the use of digital assets.

New York Financial Services Director Linda Lacewell said the state approved PayPal’s application. The company will partner with Paxos Trust, a New York-operated trust firm, to process custodial services and payments related to money 4.0.

Initially, PayPal customers will have access to money 4.0 that is accepted by state regulators.

Why is licensing important?

 

PayPal tạo bước đột phá cho tài sản số

 

The approval’s reach goes far beyond the state’s borders. In a Wednesday blog post, PayPal said the approval, in combination with the Paxos partnership, means customers will be able to “buy, hold and sell cryptocurrency directly from their PayPal account.” The company also said it plans to make crypto “available as a funding source for purchases at its 26 million merchants worldwide.”

Dan Schulman, president and CEO of PayPal, said in a statement that the approval “represents an important step forward in our goal to contribute to the evolution of the regulatory framework for digital currency and help our consumers safely and responsibly engage with money 4.0.”

New York state regulators said 26 entities, now including PayPal, have been approved since 2015 to “engage in money 4.0 business activity in New York State.”

PayPal users looking to send Bitcoin to their friends will have to wait. Through its app, the company is allowing users to join a waitlist for “early access” to “Money 4.0 with PayPal.”

“We’ll email you in the next couple of weeks when you can get started,” the app told users who signed up for the waitlist on Wednesday.

Source: Politico