PayPal officially confirmed Wednesday it is entering the cryptocurrency market. The payments giant, with 346 million active accounts around the world, pledged to make cryptocurrency “a funding source for purchases at its 26 million merchants worldwide.”
Bitcoin and other cryptocurrencies rallied following the announcement, which is one of several recent signs this year of mainstream corporate adoption of the decade-old technology, following MicroStrategy’s $425 million deployment of its cash surplus into bitcoin and a similar but more modest move by Square.
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