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Cryptocurrency markets are on the rise on Wednesday after payment giant PayPal announced that it will launch a long-rumored plan to back cryptocurrencies.
The company says that users in the US will be able to buy, sell and store cryptocurrencies on PayPal “in the coming weeks.” Support in Venmo and in other countries will arrive in 2021. Bitcoin, Ethereum, Bitcoin Cash and Litecoin are the first currencies 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. 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 encryption license, and PayPal is partnering with the Paxos Trust Company to offer its suite of services.
The announcement sparked a huge surge in the crypto markets, with BTC rising 7.19% to $ 12,760 at press time, according to CoinMarketCap.
Ethereum is up 6.64% to $ 393, and XRP is up 3.51% to $ 0.2534.
Disclaimer: Opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.
Featured Image: Shutterstock / Larina Marina
