PayPal Holdings Inc is going to announce later on Tuesday that it has started allowing U.S. consumers to use their cryptocurrency holdings to pay at millions of its online merchants globally, a move that could significantly boost use of digital assets in everyday commerce.
Customers who hold bitcoin, ether, bitcoin cash and litecoin in PayPal digital wallets will now be able to convert their holdings into fiat currencies at checkouts to make purchases, the company said. It will be available at all of its 29 million merchants in the coming months, the company said.
Leaks are also saying that, the President and CEO Dan Schulman said "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,"
This offering is also going to make PayPal one of the largest mainstream financial companies to open its network to cryptocurrencies and help fuel a rally in virtual coin prices.
Interesting thing to see is PayPal's launch is coming in less than a week after Tesla Inc said that they would start accepting bitcoin payments for their cars. But unlike PayPal transactions where merchants will be receiving fiat currency, Tesla said that it will hold the bitcoin used as payment.
"The company will charge no transaction fee to checkout with crypto, it said. But however you can only use one type of coin for each purchase.
But this is getting very interesting to see how the world is getting ready to accept Crypto as a real currency rather than just an assets. All these steps are only going to pump the Crypto market. What I feel is we are seeing the history in making, But seeing the cons of crypto getting this much popular is little bit horrifying too because of the fact we all know that how crypto are being used in the illegal market. But Interesting Times are ahead :)
I hope you liked this news.. Do leave a comment on What you feel about Crypto getting so popular and being accepted as a currency around the world.
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