PayPal allows US shoppers to make cryptocurrency purchases

Agence France-Presse

Posted at Mar 31 2021 07:08 AM

PayPal allows US shoppers to make cryptocurrency purchases 1
Representations of the Ripple, bitcoin, etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 14, 2018. Dado Ruvic, Reuters/Illustration/File Photo

SAN FRANCISCO - 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 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 (5:15 a.m. in Manila), one bitcoin was valued at $58,721.

© Agence France-Presse

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