US online payments firm PayPal announced on Tuesday that it will support cryptocurrencies for transactions in the United States, an initiative that would boost the use of bitcoin, Ethereum and Litecoin.
A new PayPal feature will offer consumers the option to “pay in crypto” alongside other forms of payment, PayPal said in a statement.
The service will be “available to millions of companies around the world and progressively over the next few months, customers who have holdings in cryptocurrencies in the United States will be able to choose to pay in crypto in a transparent way,” added PayPal.
“As payments and digital currencies accelerate, the introduction of ‘Pay in Crypto’ goes in the direction of guiding our action to support the widespread adoption of cryptocurrencies,” said Dan Schulman, CEO of PayPal.
Transactions will be fixed in dollars and will be converted to the currency applicable at PayPal’s conversion rates.
This company is not the first to admit cryptocurrencies as a means of payment. Square launched in 2018 an application that allows you to make purchases in bitcoins. But PayPal, which has about 377 million accounts, should have much more influence on the popularization of such currencies.
Credit card issuer Visa announced on Monday that it will accept USDCOIN, one of the so-called “stablecoins”; Stable cryptocurrencies that are backed by financial assets, commodities, and even other cryptocurrencies.
“Visa will experience Crypto.com, one of the largest cryptocurrency platforms, and expects to offer USDCoin payments to other partners in the remainder of the year,” the group said in a statement.
USDCoin is based on the Ethereum network, the second largest cryptocurrency.
The first, bitcoin, was trading at $ 58,896 on Tuesday.
vmt / juj / ahe / gm / lda