According to PayPal, customers who transfer their crypto into PayPal can extend the utility of their crypto by spending using its ‘Checkout with Crypto’ product at millions of merchants outlets.
The supported currencies for the service so far are:
PayPal opened up its 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 $200 million.
One of the more significant crypto efforts by PayPal was the news in January 2022 that it was exploring the launch of a stablecoin called ‘PayPal Coin.’