PayPal allows payments in crypto currencies

American PayPal users can now also pay with cryptocurrencies. This gives the Bitcoin course a boost.

PayPal - now also with crypto

Dhe payment service provider PayPal has enabled American customers to use crypto currencies as a means of payment since Tuesday. The company is increasing its focus on the general acceptance of cryptocurrencies, as “the use of digital payments and digital currencies is increasing,” wrote PayPal boss Dan Schulman in a blog entry. The possibility of “shopping with cryptocurrencies in stores all over the world” is the “next chapter”.

According to the company, the dealers receive conventional money. PayPal take over the exchange of the cryptocurrencies in dollars. Customers with holdings of Bitcoin, Ether, Bitcoin Cash and Litecoin in a digital PayPal wallet could in future exchange these cyber currencies for dollars in order to pay for their goods at online retailers, PayPal explained. The offer will be available at all 29 million retailers in the coming months. “For the first time, customers can use cryptocurrencies as seamlessly as a credit card or debit card using their PayPal wallet,” said CEO Dan Schulman. The group had already announced the plans at the end of 2020. Now the implementation took place.

The credit card provider Visa announced on Monday that it would in future accept the use of the cyber currency USD Coin for payments. Worldwide there is an increasing demand from consumers for cryptocurrencies. Last week, the electric car maker Tesla took a similar step. “You can now buy a Tesla with Bitcoin,” wrote company boss Elon Musk on Twitter.

Bitcoin in dollars

BTC/USD

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  • 1T
  • 1W
  • 3M
  • 1J
  • 3J
  • 5J

To the detailed view

The announcement gave the Bitcoin price a boost. The oldest and most important cyber currency increased by more than 3 percent to $ 59,170. In mid-March, a Bitcoin briefly cost more than $ 60,000, more than ever before. PayPal’s share price also increased. The Bitcoin price has increased tenfold to around $ 60,000 in the past twelve months.