In a recent announcement, PayPal has stated that it has started allowing US consumers to use their cryptocurrency holdings to pay its merchants globally through online transactions. This move will significantly boost the usage of digital assets in everyday commerce. Customers with different digital currencies like Bitcoin, Ether, Bitcoin Cash and Litecoin in their Paypal digital wallet can convert their holdings into fiat currencies at checkouts to make purchases.
The firm has revealed that it was working on this from last year, and this move will be available to all 29 million PayPal merchants in the coming months. This will be the first time users can seamlessly use cryptocurrencies in the same way as a credit or debit card via PayPal wallet. This will allow the company's users to checkout with Crypto, to buy, sell, and hold cryptocurrencies for payment purposes.
With this move, PayPal becomes one of the largest financial companies to open its network to cryptocurrencies that will fuel a rally in virtual coin prices. PayPal aims to settle the transaction in fiat currency so that merchants will not take on the volatility risk. The company has also stated that it will charge no transaction fee to checkout with Crypto, and merchants can use only one type of coin for each purse.