Payments giant PayPal is moving into the cryptocurrency market. According to a statement from the company, it will soon allow US customers to buy, sell and hold Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

By early 2021, customers will also be able to use their cryptocurrencies to pay at merchants integrated with PayPal. Currently, PayPal's network includes around 26 million merchants worldwide.

Dan Schulman, CEO at PayPal, said that the company hopes the service will stimulate the use of digital assets and helps prepare the business for future usage of other types of digital assets, CBDC's for example.

"We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role,"

PayPal not the first

PayPal is not the first fintech to offer cryptocurrency services. Robinhood and Square have been offering similar services to their customers for some while now. However, the vast customer base of PayPal makes this a big deal and provides legitimacy for the entire market.

Out of its headquarters in California, PayPal services 346 million active customers, processing around $222 billion in payments during the second quarter of 2020.