PayPal will enable cryptocurrency payments, Aspiriant manager told CNBC
Bragar revealed that the giant Fintech Company is currently working to make it possible for merchants (sellers and stores) to accept cryptocurrencies as a payment method.
The Aspiriant manager said that as the use of cryptocurrencies by mainstream masses increases, PayPal’s effort will be significantly vital in spearheading this process. As more people become interested in cryptocurrencies the number of merchants interested in accepting payments with this tool will undoubtedly grow. PayPal has stepped in to facilitate crypto integration in online businesses.
He also stated that this makes the company’s shares more attractive to investors. He mentioned precisely that PayPal’s openness to crypto is one reason Aspiriant sees it as a favorable move in benefit to new and regular investors. The other reason is the impact of the COVID-19 pandemic on trade, he added:
“It is at the forefront of all e-commerce and digital payments, and we think there has been a high demand as people have stayed home, trading from their sofa, from their beds, wherever they are passing the time little while. And we think that is going to continue as we overcome this pandemic, ultimately as people get out there and move more and start resuming more normal lives. “
Charging customers in Bitcoin can be beneficial to business in several ways. First, accepting credit card payments can be expensive, with payment processors and banks typically taking a 3-5% cut. Cryptocurrencies can reduce these fees to less than 1%, most of the time. Additionally, receiving cryptocurrency payments can also considerably streamline international transactions and minimize commissions, which is ideal for merchants.
Many of the relevant companies are studying the prospects for crypto assets and therefore ventured into the industry. While social media giant Facebook is one of the closest examples with its Libra project, several other relevant companies grew an interest in making use of cryptocurrencies.
PayPal was the last company to announce its intention to offer the sale and purchase of cryptocurrencies. In its letter to the European Commission in March 2020, the payments giant confirmed that it is actively working to bring crypto capabilities to its platform.
Furthermore, in July this year, a report came to light according to that PayPal intended to announce a partnership with New York-based trust company Paxos to manage the supply of crypto-assets once it launched crypto services. Paxos is not only the foremost issuer of regulated stablecoins but also the financial company legally authorized to hold Ethereum and Bitcoin on the benefit of institutional investors. Aspiriant is a company that specializes in wealth planning and investment management services.
By: Jenson Nuñez.