Bitcoin price rises following PayPal announcement that now allows users to pay in BTC, ETH and LTC
As expected, PayPal is setting up crypto payment on its interface for American users at first.
In its press release, PayPal announces the launch of “Checkout with Crypto”, a new option that will allow users to pay in crypto at merchants who accept PayPal.
Now, US residents can therefore pay merchants with these cryptocurrencies through their PayPal wallet.
A long-awaited announcement that raises the Bitcoin price which is currently around $59,000 on Kraken.
PayPal is one of the companies that can effectively boost the adoption and use of cryptocurrency as a payment method, with 375 million users worldwide.
Dan Schulman, PayPal President and CEO, said:
“As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues to focus on the widespread adoption of cryptocurrencies, while continuing to provide PayPal customers with choice and flexibility in how they can pay using the PayPal wallet. Allowing cryptocurrencies to buy from businesses around the world is the next chapter in boosting the ubiquity and massive acceptance of digital currencies.”
One of the strengths of this new payment option is that it allows any merchant to accept payment in Bitcoin without having to install specific payment software or use an external provider.
Transactions are settled in USD and converted to the applicable business currency at standard PayPal conversion rates.
Checkout with Crypto offers customers the ability to sell cryptocurrency through PayPal and then pay a business for certain online purchases in one seamless payment flow, the PayPal statement said.
Very positive news for the crypto market and for the BTC price which is rising again.
The next step is of course to open up all of these crypto services to other countries around the world who are eagerly awaiting the arrival of Bitcoin on PayPal.