PayPal President and CEO Dan Shulman confirmed that the cryptocurrency will soon be introduced in the checkout service for online transactions, which will also eliminate transaction fees for purchases made with crypto.
PayPal, the well-known online payment and transaction service, is the latest to accept digital currency as a medium of exchange with its millions of global merchants. The news was announced by the company’s CEO at the end of March 2021. The new system will offer a crypto checkout service that will allow customers to access their stored coins in order to purchase goods and services from the approved merchants. The system has also been reported to reflect equivalent funds directly in fiat currency after the coins underwent a quick transfer during the sale.
All four cryptocurrencies supported by PayPal are made available at the checkout. These include Bitcoin, Ether, Litecoin, and Bitcoin Cash. However, there is a limit of one coin per transaction, but there are no transaction fees for the customer. Commenting on the launch of cryptocurrency, Dan Shulman said, “We believe it is a transition point where cryptocurrencies move from being a predominant asset class that you buy, hold and or sell to a legitimate source of funding for real world transactions Millions of traders. ”
In October 2020, the news surfaced for the first time that PayPal had the intention to enter the crypto sector. PayPal worked its way into the industry in the first few months of 2021, including taking over digital asset security company Curv. The deal is said to have been worth $ 200 million. You can find more information about moving PayPal here.
Read more about the growing use of Bitcoin and its increasing use for daily transactions.
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