It’s another big week for the crypto boom …
Yesterday it was Visa Inc. (NYSE: V). Today it’s PayPal Holdings, Inc. (NASDAQ: PYPL).
Reuters reports that both companies have taken steps to show wider adoption of cryptocurrency in the mainstream financial industry.
The news has bought cryptocurrency investors – and the price of Bitcoin, the world’s largest cryptocurrency, has soared more than 10% in the past two days, peaking at over $ 59,000. The rally put the price within 4% of the all-time high.
Visa, one of the world’s largest payment processors, dips its toes in the water. According to Reuters, Visa will “enable the USD Coin cryptocurrency to be used to process transactions on its payment network.”
USD Coin was created by Coinbase and is known as the stablecoin. The price is tied to the US dollar. According to Coinbase, “you can always redeem a USD 1 coin for USD 1.00, which makes for a stable price.”
The move is said to be due to customer demand.
Cuy Sheffield, Head of Crypto at Visa, said, “We are seeing increasing demand from consumers around the world to access, hold and use digital currencies,” Reuters reported.
And while Visa is just getting started, PayPal allowed its customers to buy, sell, and hold certain cryptocurrencies last October. Reuters reports that there will now be payments as well.
Paypal’s newest feature, “Checkout with Crypto”, extends its reach as a major player in the cryptocurrency world. PayPal President and CEO Dan Schulman said the new feature will “seamlessly use cryptocurrencies like a credit card or debit card in your PayPal wallet,” reports Reuters.
While cryptocurrency prices continue to rise, the reaction on Wall Street has been a bit subdued. The V share rose about 0.5% yesterday after the announcement, but is trading around 0.6% today. PYPL is almost flat during the day.
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