PayPal has announced that its US customers can now pay global merchants with cryptocurrency. Although PayPal has not released an official announcement, the company’s president and CEO, Dan Schulman, confirmed the new development, which will increase the everyday use of digital assets in commerce.
The company said that its US customers who own Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) will now be able to convert their cryptocurrencies into cash at checkouts to make payments.
Confirming earlier rumors to Reuters“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet.”
PayPal’s announcement came about a week after electric vehicle maker Tesla said it has started accepting Bitcoin as a form of payment for any of its products.
Since the beginning of the year, Bitcoin has increased more than 100%, reaching a record high of almost $62,000. Despite Bitcoin’s significant growth and growing adoption among institutional investors, the digital asset is yet to be widely recognized as a form of payment. PayPal aims to address this issue. The company’s CEO added:
Image Credits: Pixabay
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