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Payments giant PayPal has launched a cryptocurrency service called ‘Checkout With Crypto’ for crypto traders based in the United States, with global circulation expected to commence as early as November 2021.

“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”, stated PayPal CEO Dan Schulman in an interview with Reuters.


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Schulman explained to Reuters in detail that with PayPal’s ‘Checkout With Crypto’ service, traders will be able to conduct transactions with Bitcoin, Bitcoin Cash, Ethereum and Litecoin. In principle, however, PayPal reserves the right to convert the cryptocurrencies it receives into fiat/paper-based money.

The PayPal CEO further added,

We think it is a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold and or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants

It’s worth mentioning that PayPal won’t charge its customers for converting their crypto into paper money, but there will be a conversion spread, which is a common swapping technique used by well-known crypto wallet apps where they swap cryptocurrencies at low market rates and pocket the difference.


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PayPal’s move comes almost 6 days after EV manufacturer Tesla added Bitcoin as an alternate means for accepting payment for its range of cars. After the U.S, the payment company is planning to expand its crypto service to the U.K. market before going global later this year.

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