The company said PayPal operated at the end of last year, which will be available to all its 29 million merchants in the coming months.
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PayPal Holdings Inc will announce later on Tuesday that it has begun allowing US consumers to use its cryptocurrency holdings, a move to pay millions of its online merchants worldwide, which is routine Can greatly increase the use of digital assets in commerce.
Customers who hold bitcoin, ether, bitcoin cash and litcoin in the PayPal digital wallet can now convert their holdings to fiat currencies at checkout to make purchases.
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The company said PayPal operated at the end of last year, which will be available to all its 29 million merchants in the coming months.
“This is the first time you can basically use cryptocurrency in the same way as a credit card or a debit card inside your PayPal wallet”, President and CEO Dan Shulman told Reuters ahead of a formal announcement.
Checkout with crypto builds on PayPal users’ ability to buy, sell and hold cryptocurrency, which was launched by the San Jose, California-based payment company in October.
The offer made PayPal one of the largest mainstream financial companies and opened up its network to cryptocurrencies and helped accelerate virtual coin prices.
The value of bitcoin has nearly doubled since the beginning of this year, sparked by increased interest from large financial firms that are placing bets on greater adoption and see it as a hedge against inflation.
The launch of PayPal begins less than a week after Tesla Inc. Unlike PayPal transactions, where merchants would receive fiat currency, Tesla said it would keep bitcoins used as payment.
Nevertheless, while nascent property is gaining traction among mainstream investors, it has yet become a widespread form of payment, due to its continued volatility.
PayPal expects its service to change, as by settling transactions in fiat currency, traders will not be at risk of volatility.
“We think this is a transitional point where cryptocurrency is primarily an asset class, which buys, holds or sells millions of merchants to become a legitimate money source for transacting in the real world,” Schul said. “
The company has not charged any transaction fees to checkout with crypto and only one type of coin can be used for each purchase, it said.
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