By Deepta Bolaky
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.
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
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