The PayPal application on an Apple iPhone. Andrew Harrer | Bloomberg | Getty Images
PayPal on Wednesday announced a new feature that will allow users to buy, hold and sell cryptocurrencies, becoming the latest large financial services provider to show an interest in the space.
The company said in a press release that its new cryptocurrency service would launch in the U.S. in the coming weeks and will initially feature bitcoin, ethereum, bitcoin cash and litecoin. By early 2021, the company also plans to let customers use crypto to shop with its network of 26 million retailers.
Shares of PayPal climbed over 3% in early New York trading. Bitcoin’s price meanwhile rose almost 5% to trade at around $12,440, according to data from CoinDesk.
“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,” PayPal CEO Dan Schulman said in a statement. Read more >>