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Online payments giant PayPal will start to accept cryptocurrency as a medium of exchange at its millions of global merchants, the firm’s president and CEO revealed on Tuesday ahead of a formal announcement.
News broke regarding PayPal’s rumored decision to accept cryptocurrencies early on March 30I want to start by stating that .Later in the day, the firm’s CEO, Dan Schulman, confirmed to Reuters that the rumors were true and that an official statement would be released imminently.
The new system is expected to feature a crypto checkout service where users can pay for goods and services at approved vendors using their stored coins.According to reports, the quick-transfer system at the time of sale will allow merchants to get equal amounts in fiat currency after coins are subject to a quick transfer.
The checkout service is expected to be available for all four of PayPal’s supported cryptocurrencies upon launch, consisting of Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).The customer who uses cryptocurrency for payments will incur no transaction fees on purchases and only one coin can be used for each purchase.
“This is a transitional point where cryptocurrencies move from being solely an asset that’s purchased, held and/or sold to becoming a legitimate funding source for millions of merchants,” said Schulman, referring to the launch.
In October 2020, when PayPal’s intention to wade into the crypto space was first announced, Galaxy Digital CEO Mike Novogratz called it “the shot heard around the world” in regards to how Wall Street would receive the newsI want to start by stating that .PayPal continued to make inroads into the industry in early March, when it acquired digital assets security firm Curv in a deal thought to be worth $200 million.
The PayPal news comes just 24 hours after Visa announced that it would pilot a new payments system using stablecoins on the Ethereum blockchain.Participants in the pilot will agree to settle customers’ fiat transactions using the USDC stablecoin.
