Enthusiasm for PayPal integrating its cryptocurrency platform goes back to June. The origin of all speculation that cryptos such as Bitcoin will soon be available on the payment giant is a “well-placed industry source”.
The source is said to have claimed that PayPal will allow new and existing users to buy and sell digital currencies, such as Bitcoin, on their platform. The news took the entire community by storm, and rightly the skepticism about the truth of this rumor was as great as the excitement. But now it seems to be official.
In the letter sent to the EU, PayPal wrote that it has been working to make this possible since the Libra Stablecoin project was announced last year. That means that, regardless of Libra, PayPal already planned to add the option to buy digital currencies such as Bitcoin on its platform.
“Since the beginning of the project, PayPal has taken unilateral and tangible steps to develop its capabilities in this area, and therefore, without questioning the value of the project, made the decision not to participate in the Libra Association and to continue to do so to focus, promote our existing mission and our business people to democratize access to financial services.”