Cryptocurrency received a big boost today, with the announcement that PayPal will support buying, selling and holding cryptocurrencies.
PayPal was reported to be looking at the cryptocurrency market in July, with plans to integrate the newer technology. With today’s announcement, the new service will allow customers to buy, sell and hold cryptocurrencies directly in from their PayPal account.
“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,” said Dan Schulman, president and CEO, PayPal. “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 move appears to be generating significant enthusiasm, as BitCoin’s price jumped to $12,817.17, its highest point since July 2019. PayPal’s support will no doubt help widen adoption of cryptocurrencies.