PayPal finally decided to expand its services beyond legacy finance as an integration with bitFlyer Europe led to a new payment method. According to an announcement from bitFlyer Europe, the exchange successfully integrated the global payment network platform PayPal.
Investors from the European continent will now be able to use PayPal to fund their account on bitFlyer. Effectively, PayPal started what might be the first step towards the retail adoption of cryptocurrencies.
According to the exchange, the integration mark’s bitFlyer’s latest step in making digital asset trading safer and more available for investors. Moreover, the integration will help protect users who are new to the world of cryptocurrencies.
bitFlyer Europe COO Andy Bryant commented on the integration by calling it a great new funding source. He stated:
“We’re proud to offer users the opportunity to use their PayPal accounts to deposit funds for purchasing crypto. The integration of PayPal adds a new funding source for bitFlyer users. Thousands of bitFlyer users already use PayPal for fiat transactions. Now, users can purchase bitcoin and other cryptocurrencies in the same way too.”
Furthermore, PayPal now allows users with an alternative payment method for depositing assets. Most of the time, cryptocurrency investors primarily use wire transfers, credit cards, and other payment methods for making transfers.
Now, the sector will have access to an e-wallet service available to millions of people worldwide. Moreover, traditional methods often take up too three days. With PayPal, deposits can be completed almost instantly.
PayPal’s next move
At the time of writing, it is estimated that PayPal has a global user base of around 350 million users. Moreover, the internet payment network handles 35% of all internet transactions in Europe. With its latest move, PayPal might be looking to make the first move in the market and become one of the first e-wallets to support cryptocurrency payments.
The company’s move into the sphere of digital finance has been rumored for many years. Nevertheless, these rumors have been recently confirmed as a recent letter from the European Commission stated that PayPal made significant progress towards developing crypto-related services.
Furthermore, PayPal’s job listing website listed several positions for crypto and blockchain-related jobs this summer. This might imply that PayPal seeks to introduce direct cryptocurrency payments that would allow investors to buy digital assets directly from their PayPal account.
Such an integration would lead to massive retail adoption and possibly a spike in the market. However, regulatory agencies might slow down PayPal’s crypto adoption as banks are eager to launch their own blockchain solutions.
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