News & Analysis

PayPal Taps into Crypto

October 22, 2020

By Deepta Bolaky
 @DeeptaGOMarkets

Buy, Hold and Sell Cryptocurrency

 PayPal officially confirmed its entrance in the cryptocurrency market on Wednesday. The leading online payments company announced the launch of a new service enabling its customers to buy, hold, and sell digital currency on its site and applications.

The message of the CEO was clear that the Company is keen in building understanding and adoption of cryptocurrency as the shift to digital currency is inevitable:

 “The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly,”

“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange. We are eager to work with central banks and regulators around the world to offer our support, and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”

 The Company’s share price jumped by more than 5% and reached a high of $213.07 as its new service will allow more than 26 million merchants worldwide to accept cryptocurrencies as a funding source.


Source: Bloomberg

Bitcoin

PayPal’s announcement is probably the biggest news for the cryptocurrency market this year. Bitcoin and other cryptocurrencies rallied on Wednesday. Bitcoin climbed to the highest level seen since July 2019 and as of writing, the BTCUSD pair is currently trading around $12,785.

By Deepta Bolaky
 @DeeptaGOMarkets

Disclaimer: The articles are from GO Markets analysts, based on their independent analysis or personal experiences. Views or opinions or trading styles expressed are of their own; should not be taken as either representative of or shared by GO Markets. Advice (if any), are of a ‘general’ nature and not based on your personal objectives, financial situation or needs. You should therefore consider how appropriate the advice (if any) is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.

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