PayPal launches a cryptocurrency payment service

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2021-03-31 02:55:57

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PayPal Holdings Inc announced today that it has begun allowing US users to use crypto assets to pay for millions of online stores globally, a move that could prompt US users to use crypto assets to pay for millions of online stores globally, according to Reuters. significantly pushes the use of digital assets in everyday commerce.

The company says customers holding Bitcoin, Ethereum, Bitcoin Cash and Litecoin in the PayPal digital wallet can now convert their holdings into fiat currency at checkout for purchases.

According to the company, the service PayPal revealed it was up and running late last year will be available to all of the platform’s 29 million online sellers in the coming months.

“This is the first time you can seamlessly use cryptocurrency in a way similar to your credit card or debit card in your PayPal wallet,” Chairman and CEO Dan Schulman told Reuters in advance of a major announcement. stay awake.

The Crypto Payment Method is built on the ability of PayPal users to buy, sell, and hold cryptocurrencies, which the San Jose, California-based payment company launched in October.

With this announcement, PayPal has become one of the largest mainstream financial firms expanding its network for cryptocurrencies and helping to spur another wave of uptrend for the crypto market.

Bitcoin has almost doubled in value since the beginning of the year, fueled by increased interest from major financial firms, as they are betting on more adoption and seeing cryptocurrencies as a row. hedge against inflation.

PayPal’s move comes less than a week after Tesla Inc said it would start accepting bitcoin payments for its products. Unlike PayPal transactions, where merchants will receive fiat money, Tesla said it will hold Bitcoin that customers used for payments.

However, while these fledgling assets are attracting the attention of mainstream investors, they have yet to become a popular form of payment, partly due to the continued volatility in the value of them.

PayPal hopes its service can change that, because by paying the transaction in fiat currency, the seller will not be exposed to the risk of volatility.

Schulman said:

We think it’s a time of transition, where cryptocurrencies move from essentially an asset class you buy, hold, and sell to a legitimate source of funding for world transactions. with millions of sellers.

The company will not charge transaction fees for crypto payments and can only use one coin per purchase, the company said.

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