PayPal announced users will now be able to buy and sell cryptocurrencies on their platform.

This morning PayPal PYPL announced they would allow users to buy and sell cryptocurrency. Not only will users be able to buy and sell cryptocurrencies, but they will also be able to shop and transact with cryptocurrencies by early 2021. There are a few other mainstream fintech companies like Square Inc SQ and Robinhood Markets Inc that allow users to buy and sell cryptocurrencies, but PayPal’s foray into the space is noteworthy given its reach with its 346 million active accounts and $221 billion in payments processed in Q2 of this year (Source: Reuters). PYPL shares rose over 4% and Bitcoin futures rose over 7% on the news. PYPL is a 5 for 5’er and is one box away from reaching a new all-time chart high; earnings are expected on November 2nd. For those interested in exposure to bitcoin in an ETF wrapper, the Bitcoin Investment Trust GBTC has a 4.57 fund score and is up over 60% year-to-date (through 10/20).