Home
News
- PayPal Holdings has announced to launch cryptocurrency checkout service
- The benefits are only available for US users and will soon be available to all the merchants of the payments giant
- The announcement seems bullish for the adoption of cryptocurrencies, and also the prices have surged after PayPal revealed its features
PayPal Holdings has announced that it has started allowing users in the United States to pay with cryptos at millions of its online merchants. The latest move of the payments giant will essentially boost the use of cryptocurrency in day-to-day commerce. The payments giant has enabled Bitcoin, Ethereum, Litecoin, and Bitcoin Cash in its wallet in the current scenario. However, the latest feature’s addition will allow the users to convert their crypto holdings to government-issued fiat currency and purchase goods and services. This means the merchants can trade goods and services without concerns of volatility.
PayPal will soon provide the latest features to all its merchants
The crypto checkout service, which PayPal revealed, will soon be available for its twenty-nine million merchants. According to Dan Schulman, the CEO and President of the payments firm, it is the first time that individuals can seamlessly use cryptocurrencies in the same way as they use traditional cards. Following the financial firm’s steps, it is clear that it is one of the largest Moreover, the roll-out of such features has made the payments giant one of the largest mainstream financial firms to open its network to crypto assets.
The announcement has fueled the prices in the crypto market
Since PayPal announced the addition of the features, the prices and in the crypto market began to roar. The payments giant has announced the addition of a new feature in less than a week after Tesla announced the acceptance of BTC for its electric cars. However, Tesla has plans to accept Bitcoins and hold the token without converting it to fiat. According to the announcement, PayPal will be converting the token to government-issued fiat currencies for merchants.
The price of Bitcoin was observed getting doubled itself since the beginning of this year, as the token has attracted several financial institutions. Still, the token is yet to get broader traction as a payment form. However, the higher transaction fees and the asset’s volatility are the hurdles between its mainstream acceptance as a form of payment. Simultaneously, the payments giant has hopes that it can bring that mainstream acceptance. As the firm will settle the fiat currency transactions, merchants will not have to worry about volatility and high fees.
Indeed, the crypto checkout service launch is a massively bullish event for crypto adoption. By 2025, the cryptosphere might witness an increase in the crypto user database from 100 million to 1 billion.
