Oct 22, 2020 - Economy & Business
PayPal brings bitcoin to the mainstream
PayPal's decision to allow customers to hold bitcoin and other virtual currencies in its online wallet and shop using cryptocurrencies sent the value of bitcoin soaring on Wednesday.
Why it matters: With 346 million active accounts around the world and 26 million merchants, PayPal could bring cryptocurrencies into mainstream acceptance.
The big picture: The company hopes the service will prepare its network for new digital currencies that central banks and companies may develop, PayPal president and CEO Dan Schulman told Reuters.
- “We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role,” he said.
Flashback: Square invested $50 million into a block of nearly 5,000 bitcoins earlier this month, with CEO Jack Dorsey saying he believes one day bitcoin will become the world's "single currency."
- The integration of cryptocurrencies into Square's Cash App has been a particular point of emphasis.