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  • PayPal Is Laying Off 2,000 of Its Workforce

    PayPal Is Laying Off 2,000 of Its Workforce

    PayPal has announced it is laying off roughly 2,000 employees, representing approximately 7% of its staff.

    PayPal has been working over the last couple of years to transform its business to adapt to changes in the technological and business landscape. The company has explored the possibility of stock-trading platform, and added support for cryptocurrency.

    In a company announcement, President and CEO Dan Schulman painted the layoffs as the next — albeit unfortunate — step in the company’s transformation.

    Addressing these changes requires us to make hard decisions that will impact some of our colleagues. Today, I’m writing to share the difficult news that we will be reducing our global workforce by approximately 2,000 full time employees, which is about 7% of our total workforce. These reductions will occur over the coming weeks, with some organizations impacted more than others. We will treat our departing colleagues with the utmost respect and empathy, provide them with generous packages, engage in consultation where required, and support them with their transitions. I want to express my personal appreciation for the meaningful contributions they have made to PayPal.

  • Major Banks Joining Forces to Take on Apple Card, PayPal

    Major Banks Joining Forces to Take on Apple Card, PayPal

    Major banks are reportedly joining forces in an effort to better take on Apple Card and PayPal in the digital wallet market.

    In the era of digital transactions and wallets, traditional banks have found themselves playing second fiddle to tech companies. According to CNBC, several of the biggest banks want to change the status quo and exert more direct influence.

    Bank of America, JPMorgan Chase, and Wells Fargo are among those reportedly looking to work together to create their own digital wallet that will link to customers’ debit and credit cards.

    The new cards reportedly could launch later in 2023, with both Visa and Mastercard on board.

    The banks are likely driven by a desire to maintain a more direct relationship with the customer, along with the possibility of selling them additional services as a result of that relationship. Banks are probably also somewhat leery of tech deals that leave them with the short end of the stick. For example, Goldman Sachs has reportedly lost somewhere between $1 to $3 billion on the Apple Card deal.

    Nonetheless, entering the market and competing with established tech companies won’t be easy, experts warn.

    Bernstein analyst Harshita Rawat said banks have “likely always had PayPal envy,” but that didn’t mean the way forward is going to be easy.

    “It simply takes a very long time, a killer customer experience (which needs to be better than incumbents, not just similar), and a compelling merchant value proposition to build the two-sided network effects in payments to achieve scale,” Rawat said in a note to clients.

  • Germany Investigating PayPal’s Market Dominance

    Germany Investigating PayPal’s Market Dominance

    PayPal is in the crosshairs of German regulators over concerns that it used its market dominance to stifle competition.

    PayPal is a popular online payment processor and money transfer platform. In many countries, it’s the de facto standard payment method for buying and purchasing online.

    According to Reuters, however, German regulators are concerned the company may have abused that dominance in an effort to ward off competition. In particular, the antitrust regulator raised concerns over clauses in PayPal’s agreement that say sellers cannot show a preference for other payment methods, or make it easier for customers to use them.

    “These clauses could restrict competition and constitute a violation of the prohibition of abuse,” said chief Andreas Mundt.

    “We will now examine what market power PayPal has and to what extent online merchants are dependent on offering PayPal as a payment method.”

  • Customers Will Be Able to Use Venmo for Amazon Purchases

    Customers Will Be Able to Use Venmo for Amazon Purchases

    Amazon is prepping support for Venmo as a payment option, with plans to make it available in time for the holiday season.

    Venmo is a popular secure payment platform owned by PayPal. Amazon announced that it will begin supporting Venmo on Amazon.com, as well as within the Amazon app. Support will begin rolling out to select Amazon customers today, with full support in the US in time for Black Friday.

    “We want to offer customers payment options that are convenient, easy to use, and secure—and there’s no better time for that than the busy holiday season. Whether it’s paying with cash, buying now and paying later, or now paying via Venmo, our goal is to meet the needs and preferences of every Amazon customer,” said Max Bardon, vice president of Amazon Worldwide Payments. “We’re excited to continue to offer customers even more options when it comes to how and when they want to pay for their order.”

    Once support is added, customers will be able to set up their Venmo account as a payment option and select it when making a purchase.

    Credit: Amazon
    Credit: Amazon

    “We know that the Venmo community of nearly 90 million users value the safety, security, ease, and familiarity that paying with Venmo helps to bring to the checkout experience,” said Doug Bland, senior vice president and general manager, head of consumer, PayPal. “The ability to pay with Venmo on Amazon continues our ongoing commitment to offer the community more ways to spend, send, receive, and manage their money with Venmo.”

  • Alphabet Is Blockchain’s Biggest Corporate Investor

    Alphabet Is Blockchain’s Biggest Corporate Investor

    Alphabet is the biggest corporate investor in blockchain and crypto technology among the top 100 public companies over the last ten months.

    The crypto market is currently taking a beating, but that hasn’t stopped companies of all sizes from continuing to invest in crypto and blockchain tech. According to Blockdata, Alphabet is the top investor in blockchain technology among the top 100 public companies.

    Between September 2021 and June 2022, Google invested a staggering $1.5 billion in blockchain technology. Asset manager BlackRock came in second, with $1.17 billion. Morgan Stanley rounded out the top three with $1.11 billion.

    Other top companies included Microsoft, Samsung, Goldman Sachs, PayPal, LG, Wells Fargo, and more.

    Despite the current downturn, the continued support and investment from some of the world’s largest companies will help ensure the technology’s continued growth and adoption.

  • Challenges PayPal Will Be Facing in the Future

    Challenges PayPal Will Be Facing in the Future

    Traditional payment methods are increasingly evolving into digital payment methods. PayPal is one of the leading names today in the world of digital payments and arguably, the most popular one due to its competitive PayPal fees and numerous other benefits.

    Paypal earned its prominence by partnering with eBay and is widely recognized by most, if not all, online vendors today. It offers several features to help companies efficiently process and manage their finances and transactions. With digitalization increasing and e-commerce booming, the demand for platforms like PayPal has also been skyrocketing. Consequently, more competitors of PayPal are entering the market. This growing market saturation will likely make PayPal face challenges in the future:

    1. High Competition

    PayPal shared its plan to grow their average revenue per user (ARPU) by integrating new features and having the user hooked to platforms like Venmo, which provided peer-to-peer payment services to over 83 million users in the U.S. in 2021. However, Venmo faces intense competition in the market and threats from platforms like Zelle and Block’s Cash App.

    Zelle alone grew its transaction volume by 59% in 2021, which amounted to $490 billion. Compared to this, Venmo only increased by 44%, which amounted to $230 billion. The competition is rising, and PayPal may be knocked out of its leading position at this growth rate. 

    2. Frequent Layoffs 

    PayPal is reportedly laying off its employees and closing certain operative departments, especially within the research and development team. This team was in-charge of PayPal’s cryptography, quantum computing, and distributed ledger technologies that enabled PayPal to be ahead of its competitors. The reason behind the layoffs was to boost PayPal’s ARPU and reduce the inefficiencies within the company. However, these layoffs can potentially drain the company of its talent. Innovation can be hindered, and the company may face problems if it continues to let go of its existing employees.

    3. Inability To Meet Investor Targets

    PayPal claimed in an investor presentation that the growth in active users will double by 2025 as compared to 2020. The number was supposed to increase from 377 million users in 2020 to 750 million active users in 2025, enabling PayPal to increase its revenue from $21.5 billion to $50 billion and gain massive growth.

    However, PayPal’s active users only grew by 13% in 2021, with revenue growth of  $25.4 billion. It dropped its goal of increasing users in the last quarter, leaving investors confused and disappointed.  The under-delivery of results and inability to meet investor targets can lead to withdrawal of support from investors if frequent results are not delivered. This can also result in a large loss of goodwill for the company. Such decisions will likely have challenging consequences for PayPal. 

    Endnote

    PayPal is still one of the leading names in the world of digital payments and FinTech. However, it must evolve with time to keep up with the rising competition and meet the goals it has set to sustain its shareholders’ interests. If PayPal fails to do so, it may find itself falling behind in the market’s race. 

    PayPal’s stock is depleting each day as the company keeps on over-promising and under-delivering. However, PayPal can still maintain its position by focusing on innovation and partnering up with competitive supporting businesses. This can help PayPal give their business a much-needed boost and assist in gaining back investors’ confidence. 

  • PayPal Is Closing Shop in San Francisco

    PayPal Is Closing Shop in San Francisco

    PayPal is closing its offices in San Francisco, the latest indication of the changes brought about the global pandemic.

    PayPal’s San Francisco location is primarily use by its Xoom business unit, which it acquired in 2015. According to TechCrunch, the company is now looking to offload those offices as it reevaluates its office strategy worldwide.

    A company spokeperson told TechCrunch:

    At PayPal, we are continually looking at and evolving how we can work in the most collaborative and efficient ways possible, and we routinely evaluate our global office footprint and spaces to ensure that our company and our employees are best set up for success. The pandemic, in particular, has taught us there are many ways in which we can work effectively while providing our employees with flexibility. PayPal remains fully committed to the Bay Area and to California and we will continue to hire into and invest in our business and people working within the state.

    PayPal is not the first company to take advantage of the benefits pandemic-driven remote work have brought. Companies have increasingly been offloading expensive real estate in favor of a decentralized workforce, or moved to less expensive locations and let employees work remotely.

  • PayPal, Venmo, Cash App Will Start Reporting $600 Transactions to the IRS

    PayPal, Venmo, Cash App Will Start Reporting $600 Transactions to the IRS

    Popular payment apps will start reporting payments of $600 or more to the IRS to comply with a new tax law.

    While businesses have been required to report payments of $600 or more for years, this is the first time that online payment apps have been subject to that requirement. Previously, PayPal and others were required to report gross income exceeding $20,000 per year.

    Under the new rule, bar is now lowered to $600. Fortunately, according to Fox News, this new rule only applies to payments classified as goods or services. Money sent to friends and family, gifts, reimbursements, and products sold at a loss will not be included.

    For true income, however, users will need to be more careful when filing their taxes, as the IRS will now have a point of reference.

    “For the 2022 tax year, you should consider the amounts shown on your Form 1099-K when calculating gross receipts for your income tax return,” PayPal’s Q&A section says. “The IRS will be able to cross-reference both our report and yours.”

  • PayPal May Buy Pinterest In a Deal Worth $45 Billion

    PayPal May Buy Pinterest In a Deal Worth $45 Billion

    PayPal may be looking to buy Pinterest in a deal that could be worth $45 billion, one of the company’s biggest acquisitions.

    According to The Seattle Times, PayPal has offered Pinterest $70 per share, which represents a 25% premium over Pinterest’s stock price at Wednesday open.

    The deal would be one of the biggest purchases of a consumer internet company in recent years. The acquisition would also be one of PayPal’s largest as the company continues to diversify its interests. PayPal has recently been moving into cryptocurrency, providing an easy way for customers to buy and trade crypto.

    Like most social media platforms, Pinterest has experienced major growth during the pandemic. The platform could provide a new e-commerce opportunity for PayPal, potentially making it easier for Pinterest users to monetize their boards using PayPal’s service.

    Neither company would confirm the rumors to The Seattle Times.

  • Venmo Redesigns App to Remove Global Payments Feed

    Venmo Redesigns App to Remove Global Payments Feed

    Venmo has redesigned its app to remove the global payments feed, after a high-profile incident in which President Biden’s account was discovered.

    Venmo is the digital payment app owned by PayPal. A key component of Venmo’s popularity is its social component. Users can see each other’s transactions in a social media-style feed. In previous versions of the app, it was even possible to see the transactions of strangers in the global feed.

    Unfortunately for the company, it was extremely easy to find President Biden’s account, leading it to make changes. The new app redesign completely ditches the global feed.

    Venmo has always been social at its core, designed to be a place where friends can split and share payments and experiences. As part of our ongoing efforts to continually evolve the Venmo platform, while staying true to the heart of the Venmo experience, we are removing the global feed, and the friends feed is now the only social feed that will appear in the app. The Venmo community has grown to more than 70 million customers, so this change allows customers to connect and share meaningful moments and experiences with the people who matter most. 

    The move is a welcome one, as far as privacy advocates are concerned, and brings the app a little more into the mainstream.

  • PayPal Rumored to Be Exploring a Stock-Trading Platform

    PayPal Rumored to Be Exploring a Stock-Trading Platform

    PayPal is rumored to be looking at the possibility of creating a stock-trading platform in a bid to challenge rivals.

    PayPal is already one of the leading payment services companies, and has recently entered the cryptocurrency market. According to CNBC, the company is now looking at creating a stock-trading platform.

    Such a move would help PayPal better compete with Robinhood and similar platforms, ones that already offer both stock and crypto trading options.

    According to CNBC’s sources, PayPal may purchase or partner with an existing trading company. Either way, sources warned the company’s product will likely not be market-ready this year.

    PayPal’s stock jumped 3% on the news, while Robinhood lost 3%.

  • PayPal and Fiserv Bringing Direct Deposit to PayPal and Venmo Accounts

    PayPal and Fiserv Bringing Direct Deposit to PayPal and Venmo Accounts

    Gig workers, and others who rely on PayPal, will be able to have payments direct deposited thanks to a partnership between PayPal and Fiserv.

    PayPal is one of the most popular options for many gig workers and small business owners to be paid. The company has been expanding its offerings to compete more with traditional banks, even offering a debit card that provides cash back. The missing piece, however, has been the ability to receive direct deposit payments, such as paycheck.

    PayPal and Fiserv are partnering to address that shortcoming, providing a way for businesses to send direct deposits to both PayPal and Venmo accounts, via Fiserv’s Carat commerce platform.

    “Fiserv is helping organizations across the globe move money and information with the speed, flexibility, and convenience that today’s consumer is demanding,” said Nandan Sheth, Head of Carat and Digital Commerce at Fiserv. “With the addition of payouts to PayPal and Venmo accounts via our Carat ecosystem, businesses can benefit from enhanced visibility of their brand via a logo, tagline or customized message in Venmo’s social payments platform. This provides our clients with a unique opportunity to drive next generation customer experiences, with the simplicity of doing so at scale through a single API.”

    “With more than 400 million active accounts on the PayPal and Venmo platforms, we are able to provide companies with a fast, easy, and cost effective way to send money in situations such as insurance payouts or other disbursements,” said Dan Leberman, Senior Vice President of Partnerships, PayPal. “This integration is the next step in our long standing partnership with Fiserv and will provide substantial value to enterprises that need to send money directly to customers.”

    The announcement is good news for PayPal and Venmo users, and should help drive usage even more.

  • PayPal Raises Cryptocurrency Purchase Limits

    PayPal Raises Cryptocurrency Purchase Limits

    PayPal has raised its purchase limits for cryptocurrencies to $100,000 per week, up from the $20,000 it initially set.

    PayPal began embracing cryptocurrency late last year, and now allows its users to buy, hold and sell crypto. The company is continuing to improve its service in an effort attract more traders.

    When it initially started supporting crypto, PayPal placed a $20,000 a week limit on purchases. The company has now raised that to $100,000.

    “Since launching our cryptocurrency capabilities in the U.S. in October 2020, we have been actively engaging with our customers to better understand their needs to help ensure we are providing a trusted and secure platform to buy, hold, sell and checkout with cryptocurrency,” writes Jose Fernandez da Ponte, VP & GM, Blockchain, Crypto and Digital Currencies.

    “As part of our efforts to meet the ever-changing needs of our customers, we are pleased to announce that we have recently raised the purchase limits of cryptocurrency for eligible PayPal customers in the U.S. to $100,000 per week with no annual purchase limit. These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform.”

    The increased purchase limit should help PayPal attract a larger part of the crypto trading market.

  • Venmo to Allow Business Transaction on Personal Accounts

    Venmo to Allow Business Transaction on Personal Accounts

    Venmo is making a major change to its terms of service, allowing business transactions on personal accounts for the first time.

    Venmo is a popular digital payment app that is owned by PayPal. Until now, the company did not allow business transactions on a personal account. Individuals who tried to break the rules quickly found their accounts suspended.

    The company is doing an about-face, according to Gizmodo, with users soon able to choose goods or services as a reason for a transaction. The new feature is not without its caveats, however, with a Venmo spokesperson telling The Wall Street Journal that business transactions will be subject to the standard fees that business accounts pay.

    Even so, the move is sure to make things easier for users, especially those that were maintaining multiple accounts just to stay on the right side of the rules. The new feature is scheduled to roll out July 20.

  • The Divorce is Final: eBay Sellers Can No Longer Use PayPal

    The Divorce is Final: eBay Sellers Can No Longer Use PayPal

    The end of an era has arrived as eBay is ending its support for PayPal for sellers.

    eBay first bought PayPal in 2002 before splitting the company off in 2015. The two companies continued to work together, but that appears to be coming to an end, at least for eBay sellers.

    According to The BBC, eBay has updated its terms to exclude sellers from receiving funds via their PayPal accounts. While buyers can use PayPal to purchase goods, sellers will need to link their account to an actual bank account.

    In terms of fees, the move has pros and cons for users. On the one hand, sellers will not have to pay PayPal fees. On the other hand, eBay will increase its fees slightly. As a result, the fees will likely be a wash for most sellers.

    One of the biggest tangible impacts will be the time it takes for payments to clear. Most payments will now take two business days to make their way into a bank account, as opposed to same day for PayPal. In addition, many sellers are not happy about being required to link their bank accounts with eBay.

    It remains to be seen if there will be any major fallout from the decision, or if the uproar will blow over. In the meantime, some users will be required to make the change as of June 1, while others will be notified in the coming weeks and months.

  • A Single Customer Was Responsible for Fastly’s Outage

    A Single Customer Was Responsible for Fastly’s Outage

    Fastly has said a single customer caused yesterday’s outage, an outage that had widespread repercussions.

    Fastly made headlines yesterday when an issue with the company’s network led to a major outage. As a content delivery network, some of the biggest companies in the world rely on Fastly, including Amazon, the BBC, CNN, Financial Times, The New York Times, Reddit, Spotify, GitHub, Twitch, Stack Overflow, Hulu, HBO Max, Quora, PayPal, Shopify, Stripe and Vimeo.

    According to TheStreet, the company rolled out a software update in May that introduced a bug that could be triggered under very specific circumstances. The bug only needed a single customer to have a very specific configuration for the bug to active, which ultimately happened.

    “Even though there were specific conditions that triggered this outage, we should have anticipated it,” the company said. “We apologize to our customers and those who rely on them for the outage and sincerely thank the community for its support.”

  • CDN Glitch Leads to Massive Internet Outages

    CDN Glitch Leads to Massive Internet Outages

    A glitch at Fastly, a popular CDN, led to outages for some of the internet’s biggest sites Tuesday morning.

    CDNs, or content delivery networks, are distributed networks of servers designed to help websites and web apps manage their user load and remain responsive. Fastly is a popular CDN option that helps power some of the biggest websites on the net.

    Early Tuesday, a glitch at Fastly led to outages at the BBC, CNN, Financial Times, The New York Times, Reddit, Spotify, GitHub, Twitch, Stack Overflow, Hulu, HBO Max, Quora, PayPal, Shopify, Stripe and Vimeo.

    Fastly confirmed the issue, and was able to quickly resolve it, although the outage illustrates the challenges associated with so many websites relying on a single point of potential failure.

    “Today’s outage of major websites once again highlights the importance of access to online news and government services, underlining the importance of the internet for day to day living,” Matthew McDermott, Senior Officer, Access Partnership, a global tech policy consultancy, told WebPronews. “Fastly responded quickly to restored the issue but this serves as a reminder that resilience is an important part of digital infrastructure to modern life. Organisations and government bodies need to look at implementing the steps that look to assess, stabilize, improve and monitor to ensure this issue do not pose further problems in the future. Assessment is needed to determine the server’s bottleneck then stabilizing the issue with implementation of quick fixes will mitigate impact to broader stakeholders and users. After this, stakeholders will need to improve by augmenting and optimize server capabilities to ensure it meets the necessary needs. Lastly, regular monitoring will need to be set up using automated tools to help prevent future issues.”

  • PayPal Launches ‘Checkout With Crypto’ in US

    PayPal Launches ‘Checkout With Crypto’ in US

    PayPal has taken the next step in its embrace of cryptocurrency, launching “Checkout with Crypto” to US customers.

    The company recently began allowing customers to own, trade and hold cryptocurrency, but now customers can use their currency to make purchases in the US. At the time of purchase, PayPal will convert the cryptocurrency to a fiat currency, with no additional transaction fees.

    “As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies, while continuing to offer PayPal customers choice and flexibility in the ways they can pay using the PayPal wallet,” said Dan Schulman, president and CEO, PayPal. “Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies.”

    PayPal’s move comes just a day after Visa announced it was accepting USD Coin for settlement transactions.

  • PayPal May Buy Cryptocurrency Firm Curv

    PayPal May Buy Cryptocurrency Firm Curv

    PayPal is looking to expand its cryptocurrency services with a possible purchase of crypto custody firm Curv.

    PayPal only recently embraced cryptocurrency, making it possible for users to buy, sell and hold it in November 2019. Since that time, however, crypto has seen more mainstream adoption, with Tesla purchasing $1.5 billion in bitcoin, and other companies looking at similar options.

    Curv was founded in 2018, and specializes in helping companies transfer and hold various digital currencies, making it an ideal candidate for PayPal’s crypto goals.

    According to CoinDesk, the report could be worth $500 million.

    “PayPal is buying Curv for $500 million,” a source told CoinDesk on Monday. “From where I’m hearing it, I’m pretty sure it’s true.”

    If the deal goes through, it could help make PayPal a powerhouse in the crypto market.

  • PayPal Users Can Now Buy, Hold and Sell Cryptocurrency

    PayPal Users Can Now Buy, Hold and Sell Cryptocurrency

    PayPal has officially expanded its new service enabling users to buy, hold and sell cryptocurrency.

    PayPal announced in October that it was moving to support cryptocurrency, although it was only available to a limited number of users at the time. PayPal has now expanded the service to all eligible users, supporting Bitcoin, Ethereum, Bitcoin Cash and Litecoin within the PayPal digital wallet.

    When PayPal first made their announcement in October, it sparked a BitCoin rally that helped drive the cryptocurrency above $15,000. Today’s news will likely continue to drive the price up.

    “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,” said Dan Schulman, president and CEO, PayPal. “Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange. We are eager to work with central banks and regulators around the world to offer our support, and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”

    As part of the news, the New York State Department of Financial Services (NYDFS) granted PayPal a first-of-its-kind conditional Bitlicense.

    “NYDFS’ approval today follows our June 2020 announcement for a new framework for a conditional Bitlicense to encourage, promote, and assist interested institutions to have a well-regulated way to access the New York virtual currency marketplace in a way that is both timely and protective of New York consumers, through partnerships with New York authorized virtual currency firms,” said Linda A. Lacewell, superintendent, NYDFS. “NYDFS will continue to encourage and support financial service providers to operate, grow, remain and expand in New York and work with innovators to enable them to germinate and test their ideas, for a dynamic and forward looking financial services sector, especially as we work to build New York back better in the midst of this pandemic.”

    The announcement is good news for PayPal, its customers and cryptocurrency adoption.

  • PayPal Embraces Cryptocurrency, Enables Buying and Selling

    PayPal Embraces Cryptocurrency, Enables Buying and Selling

    Cryptocurrency received a big boost today, with the announcement that PayPal will support buying, selling and holding cryptocurrencies.

    PayPal was reported to be looking at the cryptocurrency market in July, with plans to integrate the newer technology. With today’s announcement, the new service will allow customers to buy, sell and hold cryptocurrencies directly in from their PayPal account.

    “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,” said Dan Schulman, president and CEO, PayPal. “Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange. We are eager to work with central banks and regulators around the world to offer our support, and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”

    The move appears to be generating significant enthusiasm, as BitCoin’s price jumped to $12,817.17, its highest point since July 2019. PayPal’s support will no doubt help widen adoption of cryptocurrencies.