Last month, rumors began circulating that online international payment giant PayPal Holdings Inc. (NASDAQ:PYPL) had plans to enter the cryptocurrency industry, and will soon begin offering cryptocurrency buying and selling functionality.
These rumors appear to have been confirmed by a recently published letter, which clearly describes PayPal’s intent to develop its capabilities in the cryptocurrency space. Once these plans are brought to fruition, this will make PayPal the largest traditional finance platform to support digital assets.
This new feature is likely to have a significant positive impact on the cryptocurrency industry as a whole, but the cryptocurrency trading space looks set to benefit the most.
Making Cryptocurrency More Accessible Than Ever
Right now, the only way to purchase most cryptocurrencies with PayPal is to use peer to peer marketplaces like Local Bitcoins and Paxful, or one of the handful of cryptocurrency brokers that accept PayPal deposits.