US Wealth Manager confirms on CNBC that PayPal will enable crypto payments for merchants

In an interview at CNBC’s Squawk Box program, Sandi Bragar, managing director of the investment management company Aspiriant, gave the impression that PayPal is working on the launch of cryptocurrency on its platform. Bragar revealed that the giant Fintech is currently working to allow merchants (sellers and stores) to accept cryptocurrency.

Bragar said that as the use of viral currencies by the masses increases, PayPal’s effort will be significantly vital to leading this process. As more people become interested in cryptocurrency, adoption increases, and so does the number of merchants interested in accepting payments in cryptocurrency. PayPal has intervened to facilitate the integration of cryptocurrency into online business. Bragar said this makes the company’s shares more attractive to investors. She mentioned precisely that PayPal’s opening to cryptocurrency is one of the reasons why Aspiriant sees it as a favorable action for investors. The other reason is the impact of the COVID-19 pandemic on trade.

Bragar said:

e-commerce and digital payments, and we think there has been a great demand, because people have been staying at home, conducting the commerce of the sofa, the bed, wherever they are . And we think this will continue as we move beyond this pandemic, ultimately, as people go out and come back more and start to resume a more normal life.

Charging customers at Bitcoin can be beneficial to companies in several ways. First, accepting payments by credit cards can be expensive, with payment processors and banks typically receiving a reduction of 3 to 5 percent. Cryptocurrency can reduce these rates to less than one percent. In addition, receiving payments in cryptocurrency can also significantly speed up international transactions and minimize fees, which is ideal for merchants.

PayPal confirmed to launch cryptocurrency purchase and sale service

Many traditional companies have looked at the prospects of cryptocurrency assets and have therefore ventured into the sector. While the social media giant Facebook has set a great example with its Libra project, several other traditional companies have also been interested in making use of cryptocurrency. PayPal was the last company to announce its intention to sell and buy cryptocurrency. In its letter to the European Commission in March 2020, the payments giant confirmed that it is actively working to bring cryptocurrency resources to its platform.

In addition, a report came out in July this year that PayPal intended to announce a partnership with trusted firm Paxos, based in New York, to handle the supply of cryptocurrency assets as soon as it launches cryptocurrency services. Paxos is not only the leading issuer of regulated stablecoins, but also the financial company legally authorized to hold Ethereum and Bitcoin on behalf of institutional investors.

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