PayPal’s pledge to support cryptocurrency as a funding source for 26 million merchants will likely benefit mass cryptocurrency adoption more than it will boost the payments firm’s bottom line, Morgan Stanley researchers said in a Wednesday report obtained by CoinDesk.
The move "should expand crypto acceptance online, which to date has stalled at 1% of the top 500 internet retailers," wrote the Morgan Stanley analysts.
It is "unclear" if PayPal's earnings will benefit from that shift. The researchers said bitcoin, bitcoin cash, litecoin and ether funding is "likely immaterial to earnings."
