PayPal has officially launched the ‘Checkout With Crypto‘ service for all merchants across the US and soon globally over the next few months.
This means that anyone holding cryptocurrencies on the platform will now be able to spend them across the over 29 million PayPal merchants worldwide.
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The supported currencies for the service so far are:
- Bitcoin
- Bitcoin Cash
- Ethereum
- LiteCoin
Speaking about this major milestone, Paypal CEO, Dan Schulman, said:
“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet.
We think it is a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold and or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants,”
– CEO, PayPal
To use the new feature, PayPal users will be presented with a list of payment options, and if they have enough crypto balance to cover for the transaction, the ‘CheckOut With Crypto’ option will be activated.
PayPal opened up the platform to enable users buy and hold cryptocurrencies in October 2020 resulting in a massive spike in the value and demand for bitcoin.
In early March 2021, the company acquired the digital assets security firm, Curv, in a deal thought to be worth $200m.
This latest move comes just a day after global payments giant, Visa, announced that it will enable users to settle transactions with Visa using the USDC stablecoin.
The announcement also comes barely a week after Tesla announced it will be accepting bitcoin payments for car purchases.
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RECOMMENDED READING: You Can Now Buy a Tesla with Bitcoin, Says Elon Musk
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