PayPal to launch payments via Bitcoin and Co. with immediate effect
PayPal has already unlocked Bitcoin and Co. as a payment method within its ecosystem today. For Bitcoin, this is bullish news.
PayPal’s Bitcoin integration was a big deal. Already at the end of 2020, the payment service provider had announced that US customers could buy and sell BTC, ETH and Co. within the PayPal ecosystem. The Californian company also held out the possibility of paying using cryptocurrencies. PayPal has already launched the latter today, Tuesday 30 March. As Profit Secret exclusively reports, the company has already activated payment with cryptocurrencies at all 29 million merchants. Accordingly, US customers can also use bitcoin, ether, litecoin and co. instead of fiat money such as euros or US dollars. However, the merchant receives the desired fiat currency – so PayPal takes on the exchange rate risk.
For the first time, customers can use cryptocurrencies as seamlessly as a credit card or debit card using their PayPal wallet,
PayPal CEO Dan Schulman told.
This, he said, marks an important step in the rise for bitcoin from the asset class world to a legitimate currency:
We think it’s an inflection point where cryptocurrencies are moving from an asset class that you predominantly buy, hold and or sell to a legitimate source of funding to conduct transactions in the real world with millions of merchants
Most recently, Tesla had also caused a stir in the bitcoin market
The US carmaker recently started accepting BTC as a means of payment. Unlike PayPal, Tesla does not convert BTC into fiat money beforehand, but accepts it directly.
The crypto market also reacted euphorically to the news. Bitcoin rose by over 2 per cent within an hour and is currently trading at 59,000 US dollars. The limit of 60,000 US dollars is thus within reach again.