On Oct. 21, Reuters was first to report that payments company PayPal Holdings Inc would allow cryptocurrency buying, selling and shopping on its network. Other mainstream fintech companies, such as mobile payments provider Square Inc and stock trading app firm Robinhood Markets Inc, already allow users to buy and sell cryptocurrencies, but PayPal’s launch is noteworthy given its vast reach. The company, based in San Jose, California, has 346 million active accounts around the world and processed $222 billion in payments in the second quarter.
Reuters reveals PayPal to allow cryptocurrency buying, selling and shopping on its network; market reacts
Bitcoin’s price hit its highest since July 2019 on the news, and shares of PayPal rose 3.6% in pre-market trading.