The global payment leader, PayPal, experienced a temporary disruption in its payment processing systems, affecting thousands of users.
On Thursday, the company announced that it had resolved a widespread service outage lasting nearly two hours. The issues impacted various services, including account withdrawals, its peer-to-peer payment platform Venmo, online transactions, and cryptocurrency operations.
Major cryptocurrency exchanges Coinbase and Kraken also issued notices during the outage, informing users about suspended PayPal transactions and deposit delays.
During the disruption, Bitcoin—the world’s leading cryptocurrency—soared past $98,000, sparking a broader rally in the crypto market.
PayPal, which allows users to buy, sell, and hold cryptocurrencies on its platform, played a key role in facilitating the subsequent market activity.
According to DownDetector, a platform that monitors user-reported technical issues, nearly 9,000 reports of problems with PayPal transactions were logged by 12:26 PM(ET). Despite the temporary service disruption, PayPal’s stock price remained stable at $85.31.
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