In October 2020, PayPal (PYPL) allowed customers to buy, hold, and sell cryptocurrencies in the US for the first time ever. Less than a year later, the company is ready to replicate the experiment in the UK. Within the next few weeks, British customers will be able to choose between four different types of cryptocurrencies — Bitcoin, Ethereum, Litecoin, and Bitcoin cash — on a new crypto tab, which will be placed on their PayPal accounts.
The new tab will also allow customers to track cryptocurrency prices and learn more about the world of crypto through educational content (hey, who needs a uni degree to become a crypto expert these days?).
why it matters
After the news broke, PayPal’s shares jumped more than 1% on the Nasdaq. PayPal’s announcement also helped Bitcoin rise above the $50,000 threshold to hit a three-month price high.