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PayPal announced crypto payments support

Anna B. — Wed, 31 Mar 2021 05:27:38 +0000

On March 30, PayPal announced that its users in the U.S. will now be able to pay for products and services with cryptocurrencies using their accounts. The Verge reports about the payment provider’s new feature called “Checkout with Crypto.”

Using this feature, clients can make transactions in crypto, which will be instantly converted into USD. Currently the service supports such assets as Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. For non-USD transactions, PayPal would be converting USD into merchant’s currency, the source says.

PayPal has taken several steps to enable its clients to pay with cryptocurrencies using their accounts on its platform. In October last year, the company announced that its customers could buy, sell, and hold crypto using their accounts thanks to a partnership with crypto firm Paxos. In February this year, PayPal’s CEO revealed the firm’s plans to invest in a crypto-related business unit. Moreover, early in March, PayPal acquired digital asset security firm Curv which joined the new unit.

The announcement from PayPal, along with Monday’s announcement from Visa, could have been the reason behind the boost in the price of Bitcoin and some altcoins. Bitcoin is trading at around $58,800, up by 2.7% in the past 24 hours at the time of writing. In addition, Ethereum is trading at around $1,829, up by 1.8%, per CoinMarketCap.com data.

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PayPal will acquire crypto security company Curv

Anna B. — Tue, 09 Mar 2021 13:59:49 +0000

PayPal is going to acquire Curv, a company providing infrastructure for crypto security. The acquisition is a part of its initiatives to expand digital asset support. According to a press release, Curv will be joining PayPal’s unit specializing in blockchain and cryptocurrency.

The acquisition is predicted to finish in the first half of 2021. There was no mention of the financial details of the crypto security company acquisition in the press release. However, CNBC suggests the sum to be under $200 million. In October last year, PayPal launched a service that allows the company’s clients to use their accounts for holding, buying, and selling cryptocurrency.

It could still be a long way before cryptocurrencies reach mass adoption worldwide. Meanwhile, payment providers develop services allowing their clients to use crypto for making purchases. In addition, Citi bank suggested that Bitcoin’s decentralized nature, security, and neutrality, among its other characteristics, could push it closer to mainstream adoption.

Visa announced last month a pilot program of APIs that banks could use to offer Bitcoin banking services to their clients. Moreover, MasterCard is planning to support stablecoins on its network. Crypto exchanges also go into crypto payment technology, with Bitfinex recently introducing its Bitfinex Pay, and Binance launching Binance Pay.

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