PayPal now integrates cryptocurrencies to pay. The option is called Checkout with Crypto, it is a new step for the American platform which will make this option available to thousands of online traders.
This new option will provide more choice for PayPal users and it will definitely promote the adoption of cryptocurrencies around the world.
Its operation is simple: you must credit your account with supported cryptos. When you go to pay a transition, you select the cryptocurrency of your choice which is then converted into US dollars or another currency fiat. In addition to Bitcoin, Bitcoin Cash, Ethereum, and Litecoin cryptos are also supported.
No impact for PayPal partners
This means that PayPal’s partner merchants will only receive fiat currencies, PayPal processes the conversion directly on their platform. Note that you could already until now trade Bitcoin and Litecoin on PayPal, i.e. buy, manage and sell these cryptocurrencies.
PayPal’s launch comes less than a week after Tesla announced it was starting to accept bitcoin payments for its cars, initially in the United States. Additionally, Visa announced yesterday that it accepts the option to pay and collect in USDC, the second most popular stablecoin.