PayPal Launches Cryptocurrency Trading for All US Users

Payments giant PayPal today announced that all of its US users can now start trading Bitcoin on its platform.

"We are pleased to announce that all eligible PayPal accountholders in the U.S. can now buy, hold and sell cryptocurrency directly with PayPal," the company said in a brief statement, providing an update to its original announcement in late October.

Originally, the company had instituted a wait list for its crypto features but said during a recent earnings call that it had experienced overwhelming demand for such services from its users.

Now, PayPal users in the United States can use cryptocurrencies to buy things at any of its 26 million merchants around the world. Those merchants won't receive cryptocurrencies; PayPal will convert the crypto at the point of sale.

Additionally, it's not possible to move the currencies out of the PayPal account. PayPal holds the cryptocurrency on its users' behalf.

PayPal supports four cryptocurrencies at launch: Bitcoin, Litecoin, Bitcoin Cash and Ethereum. It plans to expand the features to Venmo and "select international markets" in the first half of next year.