The crypto market just had a great week

This newsletter is a biweekly curation of the wittiest trends from the world of Crypto, Blockchain, and AI. Subscribe here to get it directly in your inbox every Mondays and Fridays — 1PM WAT

Here’s what’s happening…

PayPal joins the crypto world

Fintech PayPal has disclosed its plans of making the option to store and spend bitcoin and a few other digital currencies, available to its customers via its online platform

  • PayPal has just opened up cryptocurrencies to it’s 346 million clients around the world, permitting them to shop with crypto from the 26 million merchants on their network. 
  • This news is quite bullish, as the organization has a practically worldwide inclusion with its user base. In Q2 of 2020, the organization processed up to $222 billion in payments. 
  • The crypto trading facility would be made readily accessible to US users over the coming week. 
  • The services would steadily stretch out to several other countries by 2021. 
  • The option to make payments with crypto will be made available from next year.
  • PayPal plans to expand the service to its P2P payment app Venmo by 2021.

Given the size of PayPal, this move would be a plus for the price of Bitcoin and have a general positive impact on the other crypto that would be operating on the platform.

Crypto-friendly banking platform Cashaa is expanding into Africa

Cashaa, a crypto-friendly banking platform situated in London, has disclosed its arrangements of venturing into Africa, India, the US, and the Caribbean Islands. 

  • The platform aims to zero in on countries that would help make a market that has a potential of adding 100 million clients to its platform within the next couple of years. 
  • Making reference to the political insecurity that is confronted with most African nations, and the fact that a great number of individuals have lost confidence in their local currencies, Cashaa is intending to venture into the African domains by 2021, with assistance in bringing solutions into financial institutions. 
  • By 2021, they intend to explore further into other domains like the Caribbean islands. 
  • As of now, Cashaa is one of the biggest liquidity suppliers and offshore bankers for a large portion of the major crypto exchanges in India. 
  • The platform currently supports its native token, Bitcoin, Ethereum, and Tether.
  • However, they have plans of including other dominating digital currencies including BCH, Litecoin Ripple, and EOS by 2021.

Bitcoin hits a record high rising above $13k

Bitcoin rises above $13k, hitting a 2020 record high. The spike was triggered by news of PayPal launching its support for crypto trading on its platform.

  • As PayPal declared it will allow its users to trade in bitcoin and other digital currencies via the company’s online wallets. 
  • Within 24 hours of this news, Bitcoin and other few selected cryptocurrencies saw an incredible spike. 
  • Bitcoin particularly documented a 10% gain, rising as high as $13k (up by as much as $1k from 24 hours earlier) to record a 2020 record high. 
  • Other cryptocurrencies supported by the platform also saw a major boost. 
  • Ethereum recorded an 8% gain. 
  • BCH went up by 9%. 
  • While the price of LTC spiked by as much as 15%. 

Bitcoin is on another bull run as its price rallied above $13k for the first time since July.

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