In October, PayPal announced it would release the ability to trade crypto in its digital wallet in 2021. Beginning in the US, this new feature will eventually spread to PayPal’s 300+ million global account holders, allowing them to sell, hold, and purchase a select number of cryptocurrencies.
Challenger banks are also rolling out crypto functionality. Revolut expanded its crypto services in the US in July. The new cryptocurrency feature within the Revolut app allows users to convert US dollars, as well as 27 other fiat currencies, to cryptocurrencies.
With cryptocurrency becoming easier to use, it could be on its way to becoming mainstream…
… Crypto platforms may also have to make significant changes. These firms need to prove themselves as secure storage units for people’s finances. Kraken, a popular crypto exchange, is already doing this; the firm recently became the first crypto platform to receive a bank charter. This license will let users hold crypto assets in the safety and security of a regulated bank.
Coinbase, meanwhile, is launching a cryptocurrency-based Visa card. Users will be able to make purchases with cryptocurrencies and fund their cards directly through their Coinbase account… And Visa’s stamp of approval could lead to more people feeling confident about using digital currencies.