Digital currency exchange, bitFlyer Europe, is looking to lower the barriers to entry for the people in the European countries to adopt cryptocurrencies. Most recently, the exchange revealed that it has partnered with popular online payment service, PayPal, to enable users to deposit funds in crypto accounts conveniently.
bitFlyer Europe to accept Euro deposits via PayPal
As bitFlyer Europe disclosed on Sunday, it has integrated PayPal service onto its platform, similar to how e-commerce website uses it. Through the integration, residents in the supported European countries can choose to purchase cryptocurrencies by quickly depositing Euros to their accounts from PayPal.
“What we have done is that we have integrated PayPal in the same way e-commerce websites would. The integration is all about removing barriers to entry. So that’s a clear milestone for us, and enables us to follow our mission to make crypto more accessible for all, especially newcomers.”
Jacek Bastin, bitFlyer business strategy manager
The development is clearly important, given that PayPal is one of the most used digital payment services both in Europe and the world at large. Reportedly, the payment service has a 35 percent market share in Europe. Thus, having PayPal as a payment option on bitFlyer makes it easier for residents to purchase digital currencies, with their regular Paypal experience.
PayPal integration on Crypto exchanges
Launched in 2018, bitFlyer Europe is a subsidiary of bitFlyer, the parent exchange based in Japan. The exchange’s partnership with PayPal may not be the first time it’s seen in the entire cryptocurrency industry. Brokerage firm eToro already included the payment service as an option for its users to buy cryptocurrencies.
More so, payments with PayPal is now rampant on peer-to-peer exchanges like LOCALBITCOINS and Paxful, although not as a direct integration on the platform. Meanwhile, one of the leading US exchanges, Coinbase, allows only withdrawal to PayPal accounts.
