PayPal To Let US Residents Make Payments With Crypto

PayPal is about to break major news concerning a crypto checkout service.
The payment gateway looks set to allow U.S. consumers to use cryptocurrencies in their Paypal digital wallets to pay for items with merchants worldwide.

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The service will support 29 million merchants on the platform.
Bitcoin, Ethereum, and Litecoin are among the cryptocurrencies that will be supported by the development.
Reports trickling in indicate that PayPal will soon officially unveil a new service for millions of its American users.

PayPal plans to allow U.S. consumers to use their cryptocurrency holdings to pay for goods and services on the platform in a move that shows the company’s belief in blockchain technology and digital currencies.

Over 29 million merchants around the world will support this new system of payment, but, for now, only U.S. consumers will have the ability to use the upgrade.

PayPal To Let US Residents Make Payments With Crypt

PayPal is among the leading firms in the world incorporating the wonders of blockchain technology with its traditional payment services to usher in a new age of decentralization in the financial sector.

Early reports indicate that PayPal will officially allow U.S. consumers to use cryptos as a checkout option on 29 million merchant sites globally.

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Ahead of the official unveiling, Dan Schulman, the president and CEO of PayPal, referred to the move as the first of its kind, saying it will allow for the “seamless use of cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet.”

Holders of these cryptocurrencies in PayPal’s digital wallets will have the ability to convert their coins into fiat currency during checkout.

Despite the wide applicability of the service, it will only initially be available for consumers in the U.S., but we could soon see its deployment in several locations around the world.

The PayPal model will involve the conversion of the cryptocurrency to fiat at the point of checkout.

On the Flipside

PayPal’s shares fell by 2.22% to trade at $235.67 preceding the announcement.
The drop in the shares of PayPal cannot necessarily be attributed to the announcement as the market was largely mixed.
The Dow Jones Industrial Average and S&P 500 Index are also down by 0.38% and 0.42%, respectively.
In contrast, Bitcoin, Litecoin, and Ethereum are up by 1.66%, 1.43%, and 3.23%, respectively.
PayPal’s Marriage To Crypto – A Long Time Coming

PayPal’s proposed announcement isn’t a random event. Instead, it comes as a result of long-term planning and several early forays across the frontiers of cryptocurrencies.

PayPal To Let U.S. Residents Make Payments With Cryptos

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PayPal To Let US Residents Make Payments With Crypto

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