PayPal Holdings, Inc. announces the launch of a service enabling its customers to buy, hold and sell cryptocurrency directly from their PayPal account. The company has also divulged its plans to increase cryptocurrency's utility by making it available as a funding source for purchases at its 26 million merchants worldwide.

“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly,” said Dan Schulman, president and CEO, PayPal, in a statement issued by the company.

Dan added, “Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange. We are eager to work with central banks and regulators around the world to offer our support, and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”

According to Reportlinker.com, despite the COVID-19 pandemic, the global market for Cryptocurrency is estimated at $979. 5 million in the year 2020. The market value is projected to hit $1. 4 billion by 2027, growing at a CAGR of 4.8 percent. PayPal, which now holds a first-of-its-kind conditional Bitlicense granted by the New York State Department of Financial Services (NYDFS), will also provide accountholders with educational content. The company will help them understand the cryptocurrency ecosystem, the risks and opportunities related to investing in cryptocurrency, and information on blockchain technology.