PayPal is set to announce Tuesday it has begun to let U.S. customers use their cryptocurrency holdings to pay for purchases at some of its merchants. The rest will accept digital currencies in the coming months, the company said.
“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,” President and CEO Dan Schulman told Reuters ahead of a formal announcement.
Through Checkout with Crypto, PayPal will convert consumers’ Bitcoin, Ethereum, Bitcoin Cash and Litecoin holdings into fiat currencies when they place their orders. That cuts the risk merchants assume from any volatility in cryptos’ value.Payments Dive