PayPal allows US shoppers to make cryptocurrency purchases

By AFP |   31 March 2021   |   11:20 am  

(FILES) In this file photo taken on December 10, 2013, the logo of online payment company PayPal is pictured during LeWeb 2013 event in Saint-Denis near Paris on December 10, 2013. – PayPal on March 30, 2021, began allowing people in the US to use cryptocurrency to make purchases from millions of merchants that use the financial platform for online transactions. The payments giant had already let users buy, sell or store digital money, but the new Checkout with Crypto feature provides an option to use it for purchases. (Photo by Eric PIERMONT / AFP)

PayPal on Tuesday began allowing people in the United States to use cryptocurrency to make purchases from millions of merchants that use the financial platform for online transactions.

The payments giant had already let users buy, sell or store digital money, but the new Checkout with Crypto feature provides an option to use it for purchases.

“As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies,” PayPal chief executive Dan Schulman said in a blog post.

“Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies.”

Merchants get paid in standard money, with PayPal converting cryptocurrency to US dollars to settle transactions at the time of sale, according to the Silicon Valley-based company.

Tesla last week began officially accepting bitcoin as a currency to purchase electric autos, according to a tweet by chief executive Elon Musk.

“You can now buy a Tesla with bitcoin,” Musk said on Twitter, implementing a plan announced in February to accept the cryptocurrency as a form of payment.

Near 2115 GMT, one bitcoin was valued at $58,721.

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