PayPal to allow crypto trading over next weeks

Wednesday, 21. October 2020 14:20

PayPal Holdings Inc. announced on Wednesday the company would introduce cryptocurrency trading on its network over the next couple of weeks, allowing users to buy and sell Bitcoin and other virtual currencies using their digital wallets.

"We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role," Chief Executive Dan Schulman said, adding that PayPal will allow customers to pay in shops on its network from early 2021. However, merchants will still be paid in fiat currencies, meaning conversion will occur upon the purchase.

Bitcoin extended gains following the statement, surging 3.61% over the last 24 hours to reach $12.289.95 at 8:19 am ET. Meanwhile, PayPal surged 3.98% in the premarket trading to sell for $210 per share at 8:46 am ET.

Related Links: PayPal Holdings Inc.
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Breaking the News / ND