On Wednesday, the San Jose, California-based digital payment processor PayPal Holdings Inc. had issued a statement saying that the American multinational chain of online payment systems would open up its networks to digital currencies such as bitcoin, the original cryptocurrency, alongside other virtual coins, while PayPal clients would be able to hold cryptocurrencies on their digital wallets, remarking a breakthrough move that helped bitcoin surge as much as 7 per cent and surpass a key handle of $12,000.
On top of that, PayPal Holdings Inc. had also added its clients would be able to shop using digital currencies at its havoc-scale merchants’ network containing over 26 million traders.
PayPal opens up to cryptocurrencies as Bitcoin soars
Besides, since the latest PayPal move would enable US companies and individuals to conduct cross-border and domestic transactions of cryptocurrencies which in effect would more likely to lead to a broad-based adoption of cryptos as a feasible payment method, prices of Bitcoin gained as much as 7.42 per cent to $12,808 after hitting an intra-session high of $13,202, the original crypto’s highest level since June 26, 2019.
Citing statistics, on Wednesday’s market wind down, Ethereum torrented 6.15 per cent to $391.51 and Ripple added 3.22 per cent to $0.25, while Litecoin mushroomed as much as 13.19 per cent to $53.10.
Meanwhile, adding that the latest PayPal move to adopt cryptocurrencies would prepare its network for a deluge of digital currencies probed by a number of Central Banks across the globe such as the People’s Bank of China, European Central Bank alongside the Swiss Central Bank, PayPal President and Chief Executive Dan Schulman said in an interview late on the day, “We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role”.
Schulman had also added that the US-based PayPal account holders would be able to carry out transactions in cryptocurrencies as early as by the coming weeks.