After allowing users to buy and sell cryptocurrencies, PayPal now announces support for using them as a form of payment for purchases. Eligible users can now check out a purchase transaction with their cryptocurrency balance, which will be automatically converted into dollars for sellers. This is available for US users now.
Checkout With Cryptos in PayPal
PayPal has announced last year that it will support cryptocurrencies on its platform. This precedented move has pushed the cryptocurrency market to flourish, with Bitcoin skyrocketing in value of more than $30,000. Further, it’s known that PayPal and other institutional cryptocurrency firms are buying large amounts of virgin Bitcoins.
This bought more volatility in the market and even enlarged most cryptocurrencies’ market capitalization, including Bitcoin, which is now valued at near $60,000. Now, PayPal announced to let users in the US pay for their purchases using their cryptocurrency balances. The platform support buying, selling, and holding of Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
It has introduced a new option called “Checkout with Crypto” that will instantly convert your selected cryptocurrency balance into US dollars while making the payment. The conversion happens with no additional transaction fees, and those merchants who don’t accept dollars or cryptocurrencies will get the payment in their local currency.
The option for checking out with cryptocurrencies appears only if you’re having sufficient balance to make so. Also, you’ll be able to select any one of your available cryptocurrencies for checking out. PayPal hopes this offers more flexibility to their users dealing in cryptocurrencies, who are over 377 million worldwide.
To date, it supports only buying, selling, and holding of selected cryptocurrencies on its platform. Also, the newly launched support for checking out with cryptocurrencies is available for US users only and may be available for others soon.