Technology, Business

October 22, 2020

Paypal to support cryptocurrencies

Source: Flickr (Official Gates) 

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

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