Online payments giant PayPal will start to accept cryptocurrency as a medium of exchange at its millions of global merchants, the firm’s president and CEO revealed on Tuesday ahead of a formal announcement.
On March 30, news broke about PayPal’s alleged decision to consider cryptocurrencies. Later that day, the company’s CEO, Dan Schulman, stated to Reuters that the rumours were accurate and that an official statement will be issued shortly.
The new system is expected to feature a crypto checkout service where users can pay for goods and services at approved vendors using their stored coins. As it launches, the checkout app will be usable for all four of PayPal’s approved cryptocurrencies: Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Customers who pay for coins would not be charged any conversion costs for orders, although only one cryptocurrency may be used each transaction.