U.S. consumers will now be able to use their cryptocurrency on Paypal to pay millions of online merchants who use the platform globally. This new crypto move by Paypal could considerably enhance the adoption of digital assets in modern day commerce.
The payments giant had already let U.S. consumers buy, sell or store digital money on Tuesday, but the new Checkout with Crypto feature provides an option to use it for purchases.
“As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies,” PayPal chief executive Dan Schulman said in a blog post.
“Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies.”
Merchants get paid in standard money, with PayPal converting cryptocurrency to US dollars to settle transactions at the time of sale, according to the Silicon Valley-based company.
Tesla last week began officially accepting bitcoin as a currency to purchase electric autos, according to a tweet by chief executive Elon Musk.
“You can now buy a Tesla with bitcoin,” Musk said on Twitter, implementing a plan announced in February to accept the cryptocurrency as a form of payment.
Near 2115 GMT, one bitcoin was valued at $58,721.
This article is sourced from:https://m.guardian.ng