PayPal President and CEO Dan Shulman (Dan Shulman) confirmed that cryptocurrency will be introduced in the checkout service for online transactions soon, which will eliminate transaction fees for purchases made with cryptocurrency .
PayPal is a well-known online payment and transaction service. It is the latest to accept digital currency as the medium for transactions with millions of global merchants. The news was shared by the company’s CEO at the end of March 2021. The new system will have an encrypted checkout service that will allow customers to access their stored coins in order to purchase goods and services from approved merchants. According to reports, the system will also directly reflect equivalent funds in legal tender after the coins will be quickly transferred during the sale period.
All four cryptocurrencies supported by PayPal will be available in the checkout service. These include Bitcoin, Ethereum, Litecoin and Bitcoin Cash. However, the limit for each transaction is one coin, but the customer will charge zero transaction fees. Dan Shulman (Dan Shulman) commented on the launch of cryptocurrency and said: “We think this is a transition point. Cryptocurrency has shifted from an asset class based on buying, holding or selling to becoming a reality now. The world’s legitimate sources of funds for transactions are millions of merchants.”
The news first surfaced in October 2020, and PayPal intends to make an appearance in the cryptocurrency field. PayPal entered the industry in early 2021 and acquired Curv, a digital asset security company. People think the deal is worth 200 million U.S. dollars. For more information about PayPal’s move, click here.
read more Regarding the increase in the use of Bitcoin and the increase in the use of daily transactions.
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