PayPal working with Anti-Defamation League on research to cut funding to extremist groups

PayPal is collaborating with the Anti-Defamation League on research aimed at cutting off funding for extremist or hate groups.

In a statement Monday, ADL said the research will explore how extremist or hate movements use financial platforms to fund their activities.

Both that organization and PayPal say the results of their research will be shared within the financial industry, policymakers and law enforcement.

"By identifying partners across sectors with common goals and complementary resources, we can make an even greater impact than any of us could do on our own," said Aaron Karczmer, chief risk officer and executive vice president of risk and platforms at PayPal, in a statement.

As part of the initiative, PayPal and ADL will also form a coalition with civil rights organizations to protect marginalized communities from extremism.

"We have a unique opportunity to further understand how hate spreads and develop key insights that will inform the efforts of the financial industry, law enforcement, and our communities in mitigating extremist threats," said ADL CEO Jonathan Greenblatt in a statement.

As larger financial platforms like PayPal crack down on funding, extremist groups find new ways to raise money, including the increased use of cryptocurrencies like bitcoin.