PayPal Launches a Service to Convert Crypto into USD

Reading Time: < 1 minute

PayPal has announced the launch of a service that will give U.S. residents the ability to exchange cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) for US dollars.

This means that these users can now convert their digital coins into fiat money, which can then be withdrawn to a card or be used in a bank transfer.

Additionally, the service will be available to users of blockchain applications (DApps) and non-fungible token (NFT) platforms.

The payment giant reportedly holds cryptocurrencies worth approximately $1 billion, information that has been sent to the Securities and Exchange Commission (SEC).