PayPal Holdings Inc. has scheduled an announcement letting US consumers use their cryptocurrency for payments on Tuesday.
The decision has made bitcoin price soar up and crosses the $59,000 level for the first time since March 21. It came after Visa made the same declaration to use cryptocurrency USD coin for transactions on its payment network.
According to the company, customers holding bitcoin cash, Litecoin, and Bitcoin in PayPal digital wallets will be able to swap them for fiat currencies during checkouts. The checkout with Crypto is built on the ability to hold, buy, and sell cryptocurrencies for PayPal users.
Various major cryptocurrencies like Ripple, Ethereum, and Cardano saw growth up to 3% in the green as well.
The service will be provided at all of PayPal’s 29 million merchants in the months to come. PayPal made the revelation of working on the service in 2020.
In a statement, Chief Executive and president Dan Schulman stated that this is the first time to use cryptocurrencies seamlessly just like a credit card or debit card inside one’s PayPal wallet.