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PayPal Will Begin Accepting Bitcoin Payments from US Customers at Global Suppliers

By Luke F - Crypto Broker - 30-03-2021

PayPal's president and CEO announced on Tuesday that the finance giant is incorporating and investing in cryptocurrency as a means of exchange. Ahead of an official release, it was reported  that the company's millions of global merchants will soon have the capability to receive and accept cryptocurrency as a means of payment.

On March 30, news broke about PayPal's reported decision to embrace buying and sellingBitcoin (BTC) and other crypto. Later that same day, the company's CEO, Dan Schulman, stated to Reuters that the reports were real and that an official statement will be issued soon.

The new system is supposed to provide a crypto checkout service where consumers can use their coins in their coin storage to pay for products and services at licensed vendors. According to reports, the system would enable merchants to equally transfer funds from crypto to GBP and other fiat currencies after coins are subjected to a fast transfer at the time of sale.

When it launches, the checkout feature will be offered for all four of PayPal's approved cryptocurrencies, so you can trade Bitcoin, Ethereum (ETH),Litecoin (LTC), and Bitcoin Cash (BCH) as payment in place of fiat currencies. Consumers who pay with coins would not be charged any transaction fee on transactions, but in order to transfer crypto to fiat, you can only do it 1 coin at a time.

When PayPal's plan to enter the crypto space was first revealed in October 2020, Galaxy Digital CEO Mike Novogratz referred to it as “the shot heard around the world” when talking about how Wall Street will respond to the latest announcement. PayPal made further move forwards into the crypto trading industry in early March, when they obtained the crypto protection company Curv in a $200 million transaction.

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