On Tuesday, Paypal announced its intention to implement a new checkout service that would allow customers pay to its merchants using cryptocurrencies. The payment will be immediately converted to its fiat equivalent on the merchant side.
This payment system is available for Bitcoin, Litecoin, Bitcoin cash and Ethereum payments. There will be no transaction fees. The firm’s CEO Dan Shulman said: “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,”.
Paypal initially announced its foray into the cryptocurrency space in October 2020. The firm continued to gain ground in the industry by acquiring digital asset securtity firm Curv at an estimated $200 million.
Victor Nnadi is an Independent Economics Researcher and a Securities Trader.
