PayPal will soon let users buy, sell and hold cryptocurrency

PayPal is launching its own cryptocurrency service, allowing people to buy, hold and sell digital currency on its site and applications. PayPal is partnering with Paxos Trust Company, a regulated company that holds both physical and digital assets, to power the service in the US.

At first, users will be able to buy four cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. This functionality will go live for U.S. users "in the coming weeks." PayPal says it will expand these features to its social payments service Venmo, as well as internationally, in the first half of 2021.

PayPal, a digital payments pioneer, took quite a bit of time to allow for crypto purchases. In comparison, payments platform Square started offering users the ability to buy Bitcoin through its Cash App in January 2018. Notably, Cash App only supports Bitcoin, while PayPal will immediately offer support for other cryptocurrencies as well.

PayPal did note that virtual currencies can be volatile, while transactions can be slower and more expensive than with other payment methods.

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