PayPal officially announced that it will now be accepting cryptocurrencies as official forms of payment in the US. As of now, US customers can use the new “Checkout with Crypto” feature to settle their bills with the digital currency.
As to which cryptocurrencies are valid, PayPal says that its Checkout with Crypto feature will instantly allow its customers to convert any Bitcoin, Ethereum, Litecoin, or Bitcoin Cash into US dollar or whichever local currency a merchant accepts. Without any additional fees, too.
As per PayPal’s explanation, the feature will appear in the user’s wallet, provided they have a sufficient amount of the cryptocurrency to “cover an eligible purchase”. However, users can use one type of cryptocurrency at a time when paying the bill.
PayPal’s acceptance of cryptocurrency transactions is a sign that more and more prominent and well-known tech giants begin to embrace the new digital currency. To date, Elon Musk recently announced that his company, Tesla, would now allow potential customers to purchase his electric vehicles (EV) with Bitcoin, while Visa also launched its pilot program that would allow customers to settle their transactions with a stablecoin. Specifically, the USD Coin (USDC). More to the point, PayPal bringing cryptocurrency into its financial portfolio would definitely streamline the currency standard.