PayPal announced yesterday that it is opening its network of millions of sellers to cryptocurrency users, integrating a cryptocurrency payment service.
The world’s top payment clearing company also announced, according to Reuters, that it will initially allow US citizens to use their cryptocurrencies on its network.
This is a move that will further aggravate the waters and accelerate the mass adoption of the use of cryptocurrencies.
Holders of Bitcoin, Ether, Litecoin, and Bitcoin cash will be able to convert them to fiat currency during payment.
The CEO and President of PayPal, speaking on this issue, said:
“This is the first time that one can use cryptocurrencies without any special procedure, as is done with credit and debit cards in PayPal wallet.”
With this move, PayPal becomes one of the largest financial companies that fully open their network to cryptocurrency holders and users, and at the same time help their wider acceptance and adoption.
“Another boost is given to the price of bitcoin and other cryptocurrencies. The sequel will be very interesting.”
The company stated that it will not charge any transactions fees and customers can only use one type of crypto for every purchase.