PayPal is launching its own cryptocurrency exchange, allowing people to buy, hold and sell digital currency on its website and applications. Bitcoin (as well as the entire market cap for cryptocurrencies) increased nearly 6% on the news. "Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange," said PayPal CEO Schulman in a statement. PayPal says its new service will give customers the ability to buy and trade Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) using PayPal and Venmo digital wallets, which already lets people shop online, request and send money. PayPal's U.S. customers will receive crypto service access in a few weeks, but they won't be able to pay for products and services using cryptocurrency until early 2021. PayPal's Venmo customers and select international consumers won't have crypto services until some time in the first half of 2021. The payments will be settled through fiat currencies, similar to many existing crypto merchant solutions like BitPay, so merchants can get paid in crypto and receive fiat currencies in their bank accounts. Analysts believe fees are expected to be in range of Square Cash at 1.5% but this is not official. They will initially support Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), the company said. The payments giant partnered with Paxos to deliver the service, and it obtained a conditional cryptocurrency license from the New York State Department of Financial Services, or a "BitLicense". PayPal is one of the largest global payment providers, with 346 million active accounts and $222 billion in volume processed in Q2 2020. The announcement helped evaporate the $12,000 resistance on Bitcoin, possibly turning it into support. PayPal (PYPL) is up 5.49% on the news.