One of the biggest stories in the cryptocurrency industry in 2020 was the announcement from PayPal that they would be facilitating cryptocurrency-related transactions on their platform.
PayPal is one of the biggest fintech platforms in the world, with over 330 million users and tens of millions of merchants. Its public acceptance and financial endorsements of cryptocurrency were signs of just how far the industry had come and also opened crypto utility to a wider audience.
Now, PayPal seems to have gone a step further as it was announced on March 30, 2021, that users can now spend their bitcoin at merchants with PayPal.
Checkout With Bitcoin
The ability to pay with bitcoin at checkouts with PayPal’s estimated 29 million merchants means that cryptocurrency use is now easier than ever before. The service, according to PayPal’s CEO, will be rolled out in the coming months of 2021.
“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,” President and CEO Dan Schulman said.
How this will work is that Paypal users who hold bitcoin, litecoin, ether, or bitcoin cash will be able to convert these tokens to fiat currencies at checkouts and then make their payments.
This announcement makes PayPal the largest private payments platform to allow for cryptocurrency transactions and is a major milestone for the industry. This comes just after Tesla announced that it would be accepting bitcoin as payment for its products.
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