PayPal will reportedly announce later today that it has started allowing consumers from the US to use cryptocurrency to pay at the millions of merchants that the payment processor supports.
- PayPal, the world’s leading online payment processor, will announce later today that it has started allowing US customers to use their crypto within its network, Reuters reports.
- According to the release, this is a move that might significantly boost the usage of digital assets altogether.
- People who have bitcoin, ether, litecoin, and bitcoin cash in their PayPal digital wallets will be able to convert them into fiat currencies at checkouts to make the purchases.
- Speaking on the matter was Dan Schulman, CEO and President at PayPal, who said:
This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet.
- With this, PayPal becomes one of the largest financial companies to open its entire network to cryptocurrency users and to help their further adoption.
- The move is also in line with what the company has previously laid out as future plans.
- In response, the cryptocurrency market saw another leg up.
- Bitcoin’s price is currently topping $59K, while altcoins are also following.