Why PayPal Stock Popped Today

Evan Niu, CFA, The Motley Fool
·2 min read
Why PayPal Stock Popped Today
Why PayPal Stock Popped Today

Shares of PayPal (NASDAQ: PYPL) have popped today, gaining 5% as of 12:30 p.m. EDT, after the company unveiled a new service that will allow users to trade cryptocurrencies. PayPal said that it plans to boost the utility of cryptocurrencies by adding them as a funding source for users making purchases at merchants. The company wants to help catalyze mainstream adoption of cryptocurrencies, which PayPal notes has been limited by volatility, costs, and transaction speeds.