Investor Ideas, Trading Ideas and Stocks to Watch : #CryptoCorner Episode 472: PayPal (NasdaqGS: $PYPL) CEO Comments on #Crypto Plans, CBDCs, NetCents (CSE: $NC.C) Allows Users to Purchase Crypto with Card

Wednesday, November 04, 2020

#CryptoCorner Episode 472: PayPal (NasdaqGS: $PYPL) CEO Comments on #Crypto Plans, CBDCs, NetCents (CSE: $NC.C) Allows Users to Purchase Crypto with Card

#CryptoCorner Episode 472: PayPal (NasdaqGS: $PYPL) CEO Comments on #Crypto Plans, CBDCs, NetCents (CSE: $NC.C) Allows Users to Purchase Crypto with Card

Point Roberts, WA, Delta BC November 4, 2020 - 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/2020/110420-CryptoMarket.mp3

Read this in full at https://www.investorideas.com/news/2020/crypto-corner/11041PYPL-NC.asp

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Stocks discussed: (NasdaqGS:PYPL) (CSE:NC)

Bitcoin (BTC) began yesterday trading for around $13,430, but witnessed a surge as the day and the U.S. Presidential election progressed. It peaked at about $14,000 in the evening, but as vote counting dragged on it fluctuated and is trading for about $13,835 at press time, according to data from CoinMarketCap. With the election results being as close as they are – as I write, an AP election results map has Joe Biden with 238 delegates and Donald Trump with 213 – and with final results not expected for the next few days, markets could see sustained volatility, and Bitcoin could conceivably rally further.

PayPal (NasdaqGS:PYPL) elaborated on its crypto plans, including a position on central bank digital currencies (CBDCs) and an expansion into mobile payments service Venmo. In a Q3 earnings call, PayPal CEO Dan Shulman commented on CBDCs:

“CBDCs, from my perspective and all my conversations, are a matter of when and how they're done, not if. And I think that our platform, with its digital wallets and the scale that we have right now, can help shape the utility of those currencies.”

Regarding the company’s introduction of the ability to buy, hold, and sell crypto, Shulman said:

“Now we've only rolled this out to 10% of our base. We did that a couple of days ago, but our waiting list was 2 times to 3 times of what our expectations were. We're going to take up our $10,000 limit per day to $15,000 per day based on the demand that we're seeing and we'll roll out to 100% in the U.S.

in the next two to three weeks. We're then going to expand internationally and we'll expand into Venmo in the first half of next year. So that's what we're starting off with.”

The South China Morning Post reports that Chinese financial services firm UnionPay has partnered with South Korean payment provider Danal “to introduce a virtual prepaid card for travelers to places including China.” This will be done through the latter’s blockchain-based Paycoin payment app, which supports cryptocurrencies, and is also the name of the native cryptocurrency of the app itself. A representative from UnionPay told the South China Morning Post:

“Danal users will top up the virtual card using South Korean Won and pay with local currency. The clearing between Danal and UnionPay will be in US dollars.”

According to a report from Cointelegraph:

Paycoin has indicated that users will be able to use both the card and Paycoin to pay for goods and services at over 30 million UnionPay merchants across 179 countries and regions.

NetCents Technology Inc. (CSE:NC) has announced the addition of the ability for users to purchase crypto via credit card on its NC Exchange. According to the press release, this development makes it easier for users to buy crypto, makes access to funds faster and easier, and facilitates contactless payments.

Sam Mowers, Investorideas

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