- Pantera Capital claims that PayPal is buying about 70% of the total supply of newly-mined BTC.
- PayPal has also included a peer-to-peer (P2P) cryptocurrency marketing to its online payment services.
- NYDFS has accredited PayPal with an approved crypto license.
According to Pantera Capital’s monthly blockchain letter, online payment giant PayPal recently bought almost about 70% of newly-mined bitcoins. This is despite the fact that PayPal started its crypto service only recently.
Just recently, PayPal announced that it has integrated cryptocurrency into its payment services. Moreover, PayPal extends its online Fintech services not only to the American continent but to the entire world.
In addition, PayPal’s crypto processing provider is now itBit and Paxos exchange. PayPal’s volume surge is known to be as a result of the rapid increase in itBit volume within a month of going live.
According to Pantera Capital’s Blockchain letter,
The increase in Itbit volume implies that within four weeks of going live, Paypal is already buying almost 70% of the new supply of bitcoins.
At the time of writing, PayPal and Cash App buys over 100% of all newly-mined bitcoins. Throughout this, individual investors can now proceed with their BTC investment plan via Robinhood, Cash App, and PayPal with ease.
PayPal has attained a secured New York State Department of Financial Services (NYDFS) License. As a result, this promises everyone to purchase ethereum, bitcoin cash, and litecoin in the coming year. Moreover, it also reported that the firm will allow its customers to buy and sell using cryptocurrencies and other virtual coins through their electronic wallet within the 26 million merchants circulating on its network.