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Crypto Corner Episode 466: Bitcoin Surges Following Huge PayPal (NasdaqGS: $PYPL) Announcement, Bahamas "Sand Dollar" Launches as World's First CBDC, and LINE (NYSE: $LN) Developing CBDC Platform

 

Point Roberts, WA and Delta, BC - October 21, 2020 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving cryptocurrency stocks and the crypto market.

Listen to today's Crypto Corner Podcast:

https://www.investorideas.com/Audio/Podcasts/2020/102120-CryptoMarket.mp3

Crypto Corner Episode 466: Bitcoin Surges Following Huge PayPal (NasdaqGS: $PYPL) Announcement, Bahamas "Sand Dollar" Launches as World's First CBDC, and LINE (NYSE: $LN) Developing CBDC Platform

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Stocks discussed: (NasdaqGS:PYPL) (NYSE:LN)

Bitcoin (BTC) has continued to rise since it began rallying on Monday, with a trading price of about $12,685 at press time, according to data from CoinMarketCap. This puts it above the previous 2020 peak of roughly $12,320 seen in August this year, making for the highest Bitcoin trading price since July 2019.

Undoubtedly what is driving this rally is news today that payments giant PayPal (NasdaqGS:PYPL) has announced the launch of a new service that allows customers to buy, hold and sell cryptocurrencies. The service will reportedly be available starting in early 2021, whereupon "PayPal customers will be able to use their cryptocurrency holdings as a funding source to pay at PayPal's 26 million merchants around the globe." PayPal President and CEO, Dan Schulman, explained:

"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. 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."

Elsewhere The Bahamas has made history with today's launch of the Sand Dollar, the world's first central bank digital currency (CBDC). According to its official website, the Sand Dollar was created by the Central Bank of The Bahamas "to advance more inclusive access to regulated payments and other financial services for under-serviced communities and socio-economic groups as well as to reduce service delivery costs and increase transactional efficiency for financial services across the Bahamas."

And speaking of CBDCs, Japanese messaging giant LINE Corporation (NYSE:LN) is developing a CBDC platform, according to Korean outlet Chosun Ilbo. An unnamed official from the company confirmed to Chosun Ilbo that LINE wants "to provide CBDC platform technology to several central banks interested in CBDC." Furthermore, the company is presently "discussing the application of blockchain platform technology with central banks in major Asian countries."

Sam Mowers, Investorideas

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