Technology, Business
October 22, 2020
Paypal to support cryptocurrencies
Source: Flickr (Official Gates)
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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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