Crypto Market Surges As PayPal Announces Support for Bitcoin, Ethereum, Bitcoin Cash and Litecoin


The crypto markets are surging Wednesday after payments giant PayPal announced it will launch a long-rumored plan to support cryptocurrency.

PayPal president and CEO Dan Schulman tells Reuters that users in the US will be able to buy, sell, and store cryptocurrencies on PayPal “in the coming weeks.” Support on Venmo and in additional countries is coming in 2021. Bitcoin, Ethereum, Bitcoin Cash and Litecoin are the first coins that will be supported.

Customers will be able to use those crypto assets as a payment option on the 26 million websites that support PayPal. The cryptocurrencies will be converted to fiat at a fixed price and merchants will continue to receive cash from PayPal.

The New York State Department of Financial Services has granted PayPal a conditional crypto license, and PayPal is partnering with Paxos Trust Company to offer its suite of services.

The announcement triggered a big surge in the crypto markets, with BTC up 7.19% at $12,760 at time of publishing, according to CoinMarketCap.

Ethereum is up 6.64% at $393, and XRP is up 3.51% at $0.2534.

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Crypto Market Surges As PayPal Announces Support for Bitcoin Ethereum - Crypto Market Surges As PayPal Announces Support for Bitcoin, Ethereum, Bitcoin Cash and LitecoinDisclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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