PayPal adds support for cryptopayments for business
The largest electronic payment system PayPal allowed users from the U.S. to pay for goods and services in cryptocurrency.
PayPal has added support for payments in cryptocurrency. It writes Reuters citing the company.
U.S. users can now pay with cryptocurrency for goods and services around the world. At the start, the company supports payments in the following cryptocurrencies: bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC).
In fact, the cryptocurrency will be converted into fiat at checkout. This means that the transaction will not be recorded on the blockchain It is reported that all 29 million entrepreneur customers will have access to the cryptopayment feature in the coming months.
Dan Schulman, president and head of PayPal, noted that users will be able to use the cryptocurrency like a credit or debit card. He also added that with the payments feature, cryptocurrencies will not be seen solely as an investment asset.
Virtual assets will now become a “legitimate source of funding,” he said.
PayPal is preparing a new infrastructure
The bitcoin price was barely affected by the news from PayPal. Yuri Mazur, head of data analysis at CEX.IO Broker, told BeInCrypto in a commentary that bitcoin and other digital assets “are already embedded in the news that PayPal will allow users to pay with cryptocurrency.”
“The news is unlikely to be a trigger for a sharp rise in cryptocurrencies, but it will be good fundamental support for long-term investors betting on the growth of the crypto-asset market,” he added.
Shulman said back in December 2020 that cryptocurrency payments are poised to become part of the global financial system. According to him, the COVID-19 pandemic has accelerated the global spread of digital payments.
Notably, the introduction of cryptopayments comes a month after PayPal announced the purchase of cryptocurrency depository Curv. According to preliminary information, the depository cost PayPal $200 million.
Moreover, earlier this year, the company invested in Taxbit, a startup that offers cryptocurrency tax processing services. However, the size of the investment remains unknown.
In Russia, the situation with cryptocurrencies is somewhat different. Recall, according to the law “On digital financial assets,” since January 1, 2021, all transactions with cryptocurrencies in the territory of the Russian Federation are legalized. Nevertheless, the use of cryptocurrencies as a means of payment is prohibited.
