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- PayPal’s Bitcoin buy and sell service will be available to U.S. customers first
- PayPal CEO said the shift to digital forms of currencies is inevitable
- Bitcoin’s price achieved its 2020 high because of the PayPal news
Online payments giant PayPal Holdings Inc has announced its plan to soon allow its users to buy Bitcoin and other cryptocurrencies on its Paypal and Venmo platforms.
PayPal has obtained a conditional cryptocurrency license from the New York State Department of Financial Services, enabling it to to deal with cryptocurrencies such as Bitcoin and Ethereum. To offer the service, it partnered with Paxos Trust Company, a regulated cryptocurrency service provider, per Reuters.
PayPal Holdings said the service will be available to PayPal account holders in the U.S. in the coming weeks. After that, the company plans to expand the service to its Venmo mobile wallet and then to select countries in early
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Tesla reported by far its best quarterly profit Wednesday and said it still hopes to hit its target of half a million car sales this year.
© David Paul Morris/Bloomberg/Getty Images
Tesla Inc. vehicles are displayed in a Tesla store in Colma, California, U.S., on Thursday, Sept. 24, 2020. California will phase out sales of new, gasoline-powered cars by 2035 as part of its fight against climate change, Governor Gavin Newsom announced — the first state to set an expiration date for the traditional automobile. Photographer: David Paul Morris/Bloomberg via Getty Images
The strong results and ambitious goal were good news to investors in the high-flying stock, which has gained more than 400% so far this year. Shares of Tesla climbed once again in after-hours trading on the earnings report.
There had been doubts that Tesla could achieve its goal of delivering 500,000 cars to customers this year,
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The company will provide information to help account holders understand blockchain tech, the digital currency ecosystem and “the risks and opportunities related to investing in cryptocurrency.” It won’t charge users service fees to buy or sell cryptocurrency through the end of the year, and you won’t have to pay any fees for holding it in your PayPal wallet.
PayPal also plans to bring cryptocurrency to Venmo in the first half of 2021. It hopes to allow users in some other countries to buy and sell cryptocurrency next year too. The New York State Department of Financial Services has granted its first conditional “Bitlicense” to PayPal.
The company’s CEO Dan Schulman told Reuters that PayPal hopes the move will encourage global uptake of cryptocurrency. The service is also preparing for central banks and corporations to set up their own virtual currencies. PayPal cited a survey of central banks suggesting a tenth
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SEOUL, South Korea (AP) — Intel has agreed to a $9 billion deal to sell most of its memory business to South Korea’s SK Hynix as it moves toward more diverse technologies while shedding a major Chinese factory at a time of deepening trade friction between Washington and Beijing.
Intel said it will keep its “Optane” business of more advanced memory products, which analysts say are mostly produced in the United States.
According to the plan confirmed by the companies on Tuesday, SK Hynix will acquire Intel’s NAND memory chip and storage business, including a related manufacturing site in the northeastern Chinese city of Dalian. SK Hynix said the companies expect to get required governmental approvals for the deal by late 2021.
The transaction, if completed, could reportedly make SK Hynix the world’s second-largest provider of NAND flash memory chips behind Samsung Electronics, another South Korean chip giant.
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(Bloomberg) — Intel Corp. agreed to sell its Nand memory unit to South Korea’s SK Hynix Inc. for about $9 billion, a deal that allows the U.S. chipmaker to concentrate on its main business while shoring up the Asian company’s position in a booming market.
SK Hynix Inc. 32GB Double-Data-Rate (DDR) 4 memory modules are arranged for a photograph at the company’s office in Seongnam, South Korea, on Monday, July 22, 2019. SK Hynix is scheduled to release earnings figures on July 25.
The chipmaker will pay 10.3 trillion won for the Intel unit, which makes flash memory components for computers and other devices. The acquisition, which will take place in stages through 2025, includes Intel’s solid-state drive, Nand flash and wafer businesses, as well as a production facility in the northeastern Chinese city of Dalian.
The deal should shore up Hynix’s position in a business
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GTT Communications (GTT) – Get Report shares jumped Friday after the telecom carrier said it agreed to sell its fiber and data center infrastructure division to private equity firm I Squared Capital for up to $2.15 billion.
GTT is shifting its focus to cloud networking services.
Its shares at last check jumped to $5.39, up 7.6%. They have dropped 50% year to date amid stiff competition in the telecom industry.
The $2.15 billion sale price includes a cash payment of $2.02 billion at closing and total deferred payments of up to $130 million based on certain financial results.
“The divestment of the highly differentiated infrastructure division assets will ensure greater focus on network investment and development of high-speed infrastructure services under the more specialized ownership of this experienced investor,” GTT’s chief revenue officer and interim CEO, Ernie Ortega, said in a statement.
“The deal enables GTT to reinforce