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.
The payments giant unveiled an update to its PayPal app that enables the service automatically at checkout for customers with enough cryptocurrency balance to cover a purchase.
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.
READ MORE: Man Tries to Buy Chemical Weapon With Bitcoin
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.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
