Technology, Business

October 22, 2020

Paypal to support cryptocurrencies

Source: Flickr (Official Gates) 
Hey, nice to meet you!

Breave is a new way to follow the news and is currently completely free of charge and free of ads. We'll be introducing more features to the platform which will be only available to our members. Make sure you're one of the first ones!

Sign up for free Log in

The Gist

Paypal will allow users to hold and spend cryptocurrencies with its online wallet in early 2021. 

The List

  • The announcement comes months after a Paypal job posting revealed the company was looking for a cryptocurrency specialist. 
  • It will allow users to buy, store, and spend Bitcoin as well as other cryptocurrencies like Ethereum, Litecoin, and Bitcoin Cash. 
  • The announcement caused the price of Bitcoin to rise over 5% within a few hours, adding to the 10% gains it has experienced in recent weeks. 
  • Merchants in Paypal's network will receive fiat currency (e.g. USD) when cryptocurrency is spent, protecting them from price volatility.
  • Many large companies have been investing heavily into Bitcoin this year including Square and Microstragedy. 

Additional information

We'd love to help you learn more about what's happening

Media sources