PayPal has announced a cryptocurrency sweepstakes offering Bitcoin prizes to customers in the U.S., the company stated.
Summary
- PayPal launches its first U.S. cryptocurrency sweepstakes.
- Entry is tied to crypto transactions, with users earning one entry per transaction (up to 10 per week).
- Promotion aims to boost crypto adoption, leveraging PayPal’s existing platform that supports six cryptocurrencies.
The promotion will award one top Bitcoin prize, five substantial Bitcoin prizes, and 162 smaller Bitcoin amounts to participants, according to the company’s announcement. Prizes will be distributed weekly through December 21.
Users receive one entry for each cryptocurrency transaction completed on the PayPal platform, with a maximum of 10 entries per week, the company said. Transactions involving the PYUSD stablecoin do not qualify for entries. U.S.-based customers may also enter without purchase by mail, according to the sweepstakes rules.
Winners will be notified by email and must respond within five business days, PayPal stated. Under U.S. law, prize recipients are responsible for applicable taxes and must report winnings to the Internal Revenue Service.
The promotion marks the first cryptocurrency giveaway launched by PayPal, according to industry observers. The company has positioned itself as an early adopter of digital asset services among major payment platforms, offering crypto features to its user base.
PayPal currently provides access to six cryptocurrencies through its platform: Bitcoin, Ether, Litecoin, Solana, Chainlink, and its proprietary PYUSD stablecoin. The selection is more limited than major cryptocurrency exchanges, primarily due to regulatory considerations, according to industry analysts.
The company’s existing infrastructure allows cryptocurrency to be used for purchases with millions of merchants, giving it an established position in the crypto payments sector.
PayPal’s cryptocurrency services are currently available for purchase in a limited number of countries, though the company has indicated plans to expand to additional markets. This represents a more restricted geographic footprint compared to competitors such as Coinbase, which operates in numerous countries globally.
Coinbase CEO Brian Armstrong has publicly stated that expanding stablecoin adoption as a mainstream payment method is a company priority.
Security experts caution that fraudulent Bitcoin giveaway schemes remain common in the cryptocurrency space. Phishing attacks, where scammers impersonate legitimate websites and services, continue to pose risks to users, according to cybersecurity professionals.
Industry analysts note that promotional campaigns can serve as tools for increasing cryptocurrency adoption by encouraging new users to establish digital wallets and learn about blockchain technology.
Source: https://crypto.news/paypal-launches-bitcoin-sweepstakes-customers-december/
