As someone who studies cryptocurrencies, it is again a measure of maturity when a major peer to peer or business integrated financial application integrates cryptocurrencies. Paypal is the first of those businesses which are public that has decided to integrate cryptocurrencies. Such a move serves them multiple benefits. Firstly, currency markets have been slower to integrate i.e., transaction fees between EU banks and US banks continue to remain significantly high. Secondly, seamless inter-geographic trade is still not possible in most of the world ,since many currencies are not convertible to other currencies directly or indirectly even by Paypal.
As the internet and ecommerce grows – it is now possible through paypal to start paying for goods and services in cyrptocurrencies especially when these goods and services are offered in cryptofriendly regions such as south korea, japan or most of europe. Missing out on this market would have been a huge loss for any peer to peer financial business.
Nevertheless paypal has bought in more than 350 million global users who can potentially buy, sell and transfer cryptocurrencies through paypal’s network. This sudden addition of 350 million users onto the cryptocurrency network, has created additional demand for scarce assets such as bitcoin. It is only a matter of time before major global banks and banking networks and applications such as point of sale systems integrate with cryptowallets. Thats when the true mainstream adoption will happen.