PayPal Announces Its Entry Into the Cryptocurrency Market, Bitcoin Once Rose Above $13,000

PayPal, the “leading” e-payment in the United States, announced last night that it can directly trade cryptocurrencies in its e-wallet, including Bitcoin, Ether, Bitcoin Cash and Litecoin. This service will be available to American users in the next few weeks. . Driven by related news, the aforementioned cryptocurrencies bounced up, and Bitcoin broke through the recent month’s cowhide pattern, once rising to $13,184.

According to PayPal’s announcement, its U.S. users can buy, sell, and hold cryptocurrencies through their PayPal accounts. Until the end of this year, no transaction fees will be charged, and cryptocurrencies will be stored in their accounts and will not be charged. Custody fees. Starting next year, users can use cryptocurrency to pay at 26 million merchants worldwide. The cryptocurrency stored in the e-wallet will be automatically converted into legal tender at the time of payment according to the exchange rate in PayPal, and no additional fees will be charged.

Dan Schulman, chief executive of PayPal, stated in a press release that digital currency is an inevitable event and will increase the efficiency, speed and stability of the payment system, and the government will release money to the public faster. He also expressed his desire to cooperate with global central banks and regulators to explore cooperation opportunities with licensed and regulated cryptocurrency platforms and central banks.

After the announcement of the current news, investors immediately strengthened their confidence, and funds poured into the cryptocurrency market. According to CoinMarketCap data, Bitcoin broke through $13,000 today. As of 5 pm, it was quoted at US$12820.04, an increase of 5.1%. As for Ether also rose to a 30-day high of US$400.63, temporarily reporting US$395.81, an increase of 4.3%, while Bitcoin Cash and Litecoin rose 5.5% and 12% respectively.

It is worth noting that when Facebook launched the Libra project last year, PayPal was one of the founding members of the Libra committee, but was the first to withdraw. At the time, it was rumored that PayPal was worried that participating in related projects would bring regulatory risks to the company, but after more than a year, the company announced that it could trade and store cryptocurrencies in its e-wallet. As early as 2016, PayPal had cooperated with the cryptocurrency exchange Coinbase. After investors sold cryptocurrencies, they could use PayPal to withdraw fiat currencies.