Like traditional cash, cryptocurrency is a type of digital or virtual money that can be bought and sold just like any other currency. Unlike dollars, pounds and euros, it doesn’t exist as physical notes and coins.
Reports of the move have yet to be confirmed, but the decision could be crucial for encouraging mass consumer take-up of cryptocurrency, with PayPal boasting around 325 million users.
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Rumours suggest that PayPal could allow buying and selling of cryptocurrency to happen within the next three months, although the company is yet to comment on the reports.
PayPal already allows users to withdraw funds from some exchanges, including Coinbase, which it has been working with since 2018. But while it can accept Bitcoin payments, consumer buying and selling hasn’t been possible.
Mobile payment rival Square has already been reaping rewards from Bitcoin purchases via its Cash App, which may be why PayPal has decided to reconsider its position now.
The news comes as many financial companies look to adjust their business models following the global pandemic in order to stay afloat. Earlier this month, PayPal, along with rival Stripe, Square and Worldpay all revealed they been factoring in extra time before passing on funds to customers in order to safeguard themselves against potential losses from purchases made before the pandemic.
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Rob Clymo has been a tech journalist for more years than he can actually remember, having started out in the wacky world of print magazines before discovering the power of the internet. Since he's been all-digital he has run the Innovation channel during a few years at Microsoft as well as turning out regular news, reviews, features and other content for the likes of TechRadar, TechRadar Pro, Tom's Guide, Fit&Well, Gizmodo, Shortlist, Automotive Interiors World, Automotive Testing Technology International, Future of Transportation and Electric & Hybrid Vehicle Technology International. In the rare moments he's not working he's usually out and about on one of numerous e-bikes in his collection.