PayPal announced it will let customers buy, hold and sell cryptocurrency, a move that sent Bitcoin above $13,000 for the first time since July. The payment company confirmed it will support Bitcoin,
PayPal announced it will let customers buy, hold and sell cryptocurrency, a move that sent Bitcoin above $13,000 for the first time since July.
The payment company confirmed it will support Bitcoin, Ethereum, Bitcoin Cash and Litecoin through the PayPal digital wallet. U.S. customers can begin trading within the coming weeks. The rollout to Venmo and international markets starts in the first half of 2021.
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Paxos Trust Company, a regulated crypto services provider, powers the service. PayPal said increasing demand for digital payments motivated the move. The company wants to make it easier for users to buy goods and services globally and for merchants to accept cryptocurrency.
"PayPal Holdings, Inc. (NASDAQ: PYPL) today announced the launch of a new service enabling its customers to buy, hold and sell cryptocurrency directly from their PayPal account, and signalled its plans to significantly increase cryptocurrency's utility by making it available as a funding source for purchases at its 26 million merchants worldwide," PayPal said in a blog post.
The setup works in users' and merchants' favor. Customers convert their crypto balance to fiat with no extra fees. Merchants receive fiat settlements at standard PayPal rates and avoid new integrations or charges.
Bitcoin rose 10% following the announcement, with Ethereum, Litecoin and Bitcoin Cash gaining 8%, 15% and 9% respectively. The surge took Bitcoin above $13,000 for the first time since July and only the third time since the 2017 bull run. Bitcoin had remained in five-figure territory for the entire previous twelve weeks, so the move reinforced that established position. The gains didn't persist. Bitcoin fell back to $12,700. Some analysts nonetheless saw the development as bullish. PayPal's scale could usher millions of new users into crypto.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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