New York (CNN Business) PayPal is launching its own cryptocurrency service, allowing people to buy, hold and sell digital currency on its site and applications. The online payments company declared adding crypto was a significant milestone on the path to mainstream adoption of cryptocurrencies such as bitcoin . The efficiency, speed and resilience of cryptocurrencies give people financial inclusion and access advantages, said PayPal President and CEO Dan Schulman, who described the eventual shift from physical to digital currencies as "inevitable." Cryptocurrency is digital money exchanged without fees between two parties online with no involvement from traditional banks and no regulatory oversight by national governments. Paypal CEO Dan Schulman delivers his keynote conference during the Mobile World Congress at the Fira Gran Via complex in Barcelona, Spain on February 22, 2016.

Source: CNN October 21, 2020 16:04 UTC