+ 7.05
+ 2.21%
+ 4.00
+ 1.18%
+ 6.32
+ 1.54%
+ 1.27
+ 0.94%
+ 1.54
+ 0.9%

PayPal Brings Bitcoin Trading To Account Holders, Merchants

October 21, 2020 10:28 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
PayPal Brings Bitcoin Trading To Account Holders, Merchants

PayPal Holdings became one of largest companies to bet on cryptocurrency as a payment option Wednesday. 

What Happened: Paypal Holdings (NASDAQ:PYPL) announced it is launching a service to allow users to buy, sell and hold cryptocurrency.

The company received a conditional Bitlicense from the New York State Department of Financial Services.

Paypal will initially offer access to Bitcoin, Ethereum, Bitcoin Cash and Litecoin, with plans to offer additional cryptocurrency options in the future.

Related Link: 3 Small Cap Bitcoin Stocks That Could Benefit From Square’s Purchase

Why It’s Important: PayPal will make cryptocurrency available as a funding source for purchase at its 26 million merchants worldwide beginning in 2021.

PayPal users will pay no service fees on selling cryptocurrency through the end of 2020, and PayPal is not instituting any fees for holding cryptocurrency in PayPal accounts.

PayPal also said it has plans to expand this feature to Venmo and select international markets beginning in the first quarter of 2021.

Paypal has 346 million active accounts and processed $222 billion in payment volume from 3.7 billion payment transactions in the second quarter.

Earlier this month, Square Inc (NYSE:SQ) bought $50 million in Bitcoin.

CEO Jack Dorsey called Bitcoin the currency of the internet and has put an emphasis on cryptocurrency going forward.

PYPL Price Action: Shares of Paypal were trading 4.21% higher at $210.46 at last check Wednesday. 

Bitcoin was trading 6.83% higher on the day at $12,759.92 at last check Wednesday — a two-month high. 

Related Articles

Facebook CEO Mark Zuckerberg Sparks Bitcoin Speculation As He Reveals The Name Of His Pet Goats

Facebook Inc. (NASDAQ: FB) CEO Mark Zuckerberg’s post about his pet goats has triggered speculation on social media whether his company will follow Tesla Inc.’s (NASDAQ: TSLA) lead and invest in read more

It's Never Been Easier To Buy Cryptocurrencies. Here Is Why.

The first decentralized cryptocurrency, Bitcoin, was created in 2009 by the mysterious developer Satoshi Nakamoto. Over the past decade, a host of other digital currencies have become available. These are collectively known as ‘altcoins’ and, by some estimates, number over 5,000 unique tokens each with their own proposed use cases.  read more

Ethereum Classic Hits New All-Time High, Outperforming Ethereum In Past Week

Ethereum Classic (ETC) touched an all-time high of $54.83 on Monday night, leaving Ethereum (ETH) chasing to catch up in terms of weekly gains. read more

Ethereum Crosses $3,000 Mark For First Time Ever, Valued Higher Than Disney

Ethereum (ETH), the world’s second-largest cryptocurrency in terms of market capitalization, has surpassed the psychologically crucial $3,000 mark as of press time late Sunday for the first time in its nearly six years of history. read more