After announcing support for some cryptocurrencies during the fall season of last year, the online payments firm PayPal has now said that its customers will now be able to make payments through the use of cryptocurrency. The news has largely since been well received by consumers and investors, and now those based in the United States will also be able to make payments through crypto. If all goes well, then nearly all individuals in the U.S who utilise PayPal will be able to take advantage of this service to send payments to various merchants all over the world.
PayPal clients in the U.S can now send payments through Bitcoin and other altcoins
Cryptocurrency holders and investors alike will be delighted to know that PayPal will now enable its customers to make transactions with its service utilizing the user’s token of choice. Of course, Bitcoin will be naturally included in this list as it is still the largest crypto asset in the world, but other altcoins can also be employed to make payments. These include the likes of XRP, Ethereum and others. This ability to utilize crypto for online payments will permit U.S based customers to make payments to over 26 million merchants on a global scale.
The decision by PayPal could help boost utilization of digital assets in daily commerce
As of the time of this writing, PayPal has formally announced that its consumers based in the United States can now use crypto assets for payments to be made worldwide. This move has been praised by many in the world of cryptocurrency, as well as the business world in general, as this will also hopefully assist in improving the accessibility of digital assets and online payments. Furthermore, it has the potential to increase the everyday usage of digital assets in daily commerce.
Moreover, PayPal users can indeed sell and purchase crypto-assets; however, this can only be done on the company’s network itself. The users will also not be allowed to hold private keys or withdraw coins. All sales and purchases have been made possible via the PayPal owned Venmo app.
Many are happy with the progressive and inclusive mindset that PayPal is showing. However, there are some who have criticised the company for only allowing the buying, selling and storing of crypto to take place within its own ecosystem and nowhere else.
Shortly after this news, the price value of the leading digital currency, Bitcoin, skyrocketed and went upward to top the $59k figure for the first time since the 10th of March. At the press time, Bitcoin’s price value is trading above this mark with good bullish momentum.