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Evercore noted that PayPal’s crypto offering will “substantially” boost its consumer engagement as well as transaction margin. PayPal has already witnessed massive demand for its crypto services within weeks of going live.
PayPal’s (NASDAQ: PYPL) entry into the crypto space has been one of the biggest announcements in 2020. Several market analysts have called this move a gamechanger for the crypto market as well as the financial industry. Advisory firm Evercore recently called PayPal Holdings Inc as its top financial stocks.
It has also backed PayPal’s decision to offer crypto trading services to its users. Evercore notes that PayPal’s recent entry into crypto could be good for the company’s profitability. On Monday, December 14, Evercore ISI research analyst David Togut said that PayPal’s entry into crypto could “substantially increase both customer engagement and transaction margin.”
Southeast Asia s Largest Bank DBS Launches Full-Service Bitcoin Exchange
DBS, the largest bank in Southeast Asia, has officially announced the launch of several crypto services, including a crypto exchange. DBS’ crypto trading platform supports four fiat currencies and four cryptocurrencies, including bitcoin.
DBS Launches Bitcoin Services
DBS officially announced Thursday that it is launching a “full-service digital exchange” to provide “tokenisation, trading and custody ecosystem for digital assets.” The bank’s new service aims at institutional and accredited investors.
“With the DBS Digital Exchange, DBS will leverage blockchain technology to provide an ecosystem for fund raising through asset tokenisation and secondary trading of digital assets including cryptocurrencies,” the bank detailed. It added that this includes security token offerings (STOs), crypto exchange, and digital custody services.