Briefing

PayPal gets into the cryptocurrency business

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The online-payment giant is launching its own crypto service that will allow users to buy, hold and sell Bitcoin, Ethereum, Bitcoin Cash and Litecoin on its platform. U.S. users will receive access to the crypto service in the coming weeks, though they will only be able to pay for products and services using digital currency in early 2021. International customers will be able to use the service in the first half of 2021. (The Logic)

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Talking point: PayPal has 26 million merchants using its network, and facilitating digital-currency transactions will potentially increase the overall adoption of cryptocurrencies. CEO Dan Schulman also noted in the release that Paypal was “eager” to work with central banks and regulators around the world as they develop their own cryptocurrencies. Investors reacted positively to the news, with the price of Bitcoin rising seven per cent to its highest level in more than a year. PayPal’s stock surged over five per cent on the announcement.