PayPal Enables Crypto Payments
PayPal has finally enabled the "Checkout with Crypto" feature, which allows users to convert their cash into fiat currencies as well as pay at millions of merchants accepting cryptocurrencies in their wallets.
All transactions are settled in U.S. dollars, the announcement added, and converted into the fiat currency for businesses at PayPal’s standard exchange rates.
The service will be available at all of its thirty million merchants, a move that could significantly increase the use of cryptocurrencies in everyday commerce. To roll out the feature across U.S. retailers that accept PayPal, the payments behemoth has teamed up with Paxos Trust Company, a regulated provider of cryptocurrency products and services.
UK-based customers will also be able to buy, hold and sell four cryptocurrencies, initially including Bitcoin, Ethereum, Bitcoin Cash and Litecoin. These crypto coins can then be used to buy things from sellers who accept PayPal around the world.
Elsewhere, the California-based network is exploring acquisitions of cryptocurrency companies as it plans to expand its reach within the cryptocurrency space.
PayPal is also exploring the launch of a stock trading platform for U.S. customers after hiring a brokerage industry veteran to head its Invest in PayPal division.
The finanncial company clearly sees value in combining trading and crypto transactions with payments, as the integration allows customers of its two-sided network, which includes both PayPal and Venmo, to hold and invest their money in the same ecosystem.