PayPal’s New Crypto Checkout Service Triggers Bitcoin, Ethereum, Litecoin, and Bitcoin Cash Rallies
News that payments giant PayPal is now granting all US users access to its highly anticipated cryptocurrency service has triggered bullish rallies in all four large-cap digital assets it supports.
In a new tweet, PayPal says it is rolling out the service dubbed “Checkout with Crypto,” which enables US-based customers to pay for select online purchases using Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), or Bitcoin Cash (BCH) held in their digital wallets.
The online payments firm highlights that the crypto assets will be converted to US dollars upon checkout with clear conversion rates and no additional fees.
The service will be available at all of PayPal’s 29 million merchants in the following months, according to Reuters.
Says Dan Schulman, PayPal’s President and CEO,
“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet.”
News of PayPal’s new service triggered a spike in the prices of all four crypto assets supported by the California-based payments company.
At time of writing, Bitcoin is inching closer to $60,000 as it trades at $58,975, up 2.23% in the last 24 hours according CoinMarketCap. Ethereum is also on the rise, trading at $1,838, up 1.74% over the same timeframe. Litecoin is in the green territory as well, increasing 1.79% at $197.60. In addition, Bitcoin Cash has surged 1.33% in the last 24 hours, trading at $527.
In November 2020, PayPal opened the crypto floodgates after announcing that all US customers can buy, sell, and hold Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).
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Featured Image: Shutterstock/Andrey Valerevich