Media reports surfaced this morning that the company “Paypal” has begun to allow consumers from the United States to use cryptocurrencies in payments.
This means that millions of PayPal-supported merchants around the world will benefit from crypto for payments.
According to a Reuters report, Paypal will announce the service later in the day, and will provide more details about that.
This step by Paypal may significantly enhance the use of cryptocurrencies and expand their adoption in the world.
People who have Bitcoin, Ethereum, Litecoin, and Bitcoin Cash in their PayPal digital wallets will be able to convert them into fiat currencies when making purchases.
Dan Schulman, CEO of PayPal, said:
This is the first time that you can seamlessly use cryptocurrencies in the same way as using a credit or debit card inside your PayPal wallet.
Paypal has become one of the largest financial companies opening its entire network to users of cryptocurrencies and to help its further adoption.
This step is also in line with what the company has previously set out for future plans.
The crypto market reacted to the news of Paypal, as Bitcoin rose to the level of $ 59,000, according to coinmarketcap.