TL;DR Breakdown
- PayPal now allows US customers to checkout using cryptocurrency, in addition to other payment options.
- This comes as part of the company’s effort to drive up the adoption of cryptocurrencies.
Last year, the American payment giant PayPal launched its cryptocurrency service, allowing customers in the United States to invest in popular digital currencies, including Bitcoin (BTC). Today, the company has stepped up its crypto service. Customers in the United States can now check out from millions of online merchants using digital currencies as a payment option.
This is another important development from the payment company that aims towards the increase in adoption and use of cryptocurrencies.
PayPal supports payments in crypto
Per the announcement on Tuesday, the “Checkout with Crypto” option will be available on the PayPal wallet. The cryptocurrencies will be converted to fiat currency at no additional cost. The development today will likely increase the adoption of digital currencies in day-to-day commerce, owing to the company’s popularity and a large number of merchants and businesses that use its services to accept payment.
However, in the meantime, the service is only limited to American users. While commenting on the development today, president and CEO Dan Schulman commented:
“As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies while continuing to offer PayPal customers choice and flexibility in the ways they can pay using the PayPal wallet.”
A drive towards mainstream crypto adoption
The payment company unarguably counts as one of the big-name institutions bringing mainstream adoption in the cryptocurrency space. Its crypto service allows US nationals to buy and sell four cryptocurrencies, which include Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, although these coins can’t be withdrawn to external wallets.
Here’s a guide on how to buy cryptocurrencies from PayPal.
