PayPal Has Officially Launched Its Crypto Enabled Checkout Feature
This is one of the first times cryptocurrencies have become available as a medium of exchange. Customers holding bitcoin, ethereum, bitcoin cash, or litecoin in PayPal digital wallets will now have the ability to convert their positions to fiat currencies at checkout.
“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet,” President and CEO Dan Schulman said.
PayPal originally enabled crypto trading on its platform back in October. The prices of cryptocurrencies have surged in the past year, but are still extremely volatile. Increased corporate and institutional interest has helped fuel a massive rally.
PayPal isn't the only company to allow transactions with cryptocurrencies. Last week, Tesla stated that it would accept cryptocurrencies as payment for its cars.
“We think it is a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold and or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants,” Schulman said.