The announcement that PayPal will allow its users to buy, sell and hold cryptocurrencies is in the view of cryptoCompare the most important news this year for the digital asset industry.
A Huge Boost to Bitcoin Adoption but with Strings Attached
“With PayPal’s 346 million users and 26 million merchants this development brings digital assets to the mainstream public in a more meaningful way than anything else we have seen this year. However, users will not be allowed to transfer cryptocurrency to or from PayPal and will not control their private keys.
So whilst cryptocurrency adoption will grow thanks to PayPal’s move, the fintech firm won’t be a true on-ramp to the cryptocurrency ecosystem as users who purchase cryptoassets using PayPal will be unable to interact with blockchain-based applications.” - Charles Hayter, CryptoCompare CEO
PayPal Stock Rallies
“Retail trading of bitcoin has been a significant profit generator for Square and PayPal has been rewarded for tapping into this lucrative market with a 4% bump in stock price. We can expect to see more payment providers follow suit.” - Charles Hayter, CryptoCompare CEO
