PayPal Doubles Down On Crypto With New App

Financial technology behemoth PayPal PYPL has released a new application rich in cryptocurrency features.

What Happened: The new PayPal app will allow the firm's customers to manage crypto and non-crypto features such as cryptocurrency payments and high yield savings, according to Tuesday's announcement.

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The payments giant also partnered with online bank Synchrony Bank to power its high yield savings account, which guarantees up to 0.4% annual percentage yield.

The earnings made from savings will be also available to spend on online shopping with PayPal. Other new features include bill payments, cashback and rebates as well as direct deposit support. The last of those features will allow users to receive payments two days earlier.

PayPal also announced plans to add more features to its application in the coming months including offline QR code payment support and investment features. The announcement follows PayPal launching cryptocurrency trading capabilities for its United Kingdom-based users in late August.

PYPL Price Action: PayPal stock was trading 0.15% higher Tuesday afternoon at $270.31.

PYPLPayPal Holdings Inc

$65.92-0.60%