For a while now PayPal has allowed people to buy cryptocurrencies but they were of no use since you couldn’t send or receive. We should have expected they were establishing the payment network to handle bitcoin transactions and now they have become one of the most high profile payment systems to adopt crypto’s for consumer purchases.
The implication is it will greatly increase the use of digital currencies by moving them into an already massive payments vendor which seems to make the process of buying and using crypto’s much easier for those looking to get into digital currencies but have been hindered with hoops involved in signing up for most crypto exchanges
LONDON (Reuters) – PayPal Holdings Inc will announce later on Tuesday that it has started allowing U.S. consumers to use their cryptocurrency holdings to pay at millions of its online merchants globally, a move that could significantly boost use of digital assets in everyday commerce.
Customers who hold bitcoin, ether, bitcoin cash and litecoin in PayPal digital wallets will now be able to convert their holdings into fiat currencies at checkouts to make purchases, the company said.
The service, which PayPal revealed it was working on late last year, will be available at all of its 29 million merchants in the coming months, the company 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,” President and CEO Dan Schulman told Reuters ahead of a formal announcement.
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