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[Slashdot] - PayPal Launches Checkout With Crypto Service


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PayPal has launched Checkout With Crypto, a cryptocurrency service for merchants across the US, and will roll it out over the next few months. From a report: "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," PayPal CEO Dan Schulman told Reuters. Checkout With Crypto service will enable those holding cryptocurrencies on the platform to spend it with all of PayPal's merchants. Supported cryptocurrencies include Bitcoin, Bitcoin Cash, Ethereum, and Litecoin; the payments company will, however, convert the cryptocurrency to fiat money for the actual payment. "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," Schulman added. The payments company won't charge their customers for swapping crypto to make the payment. However, there will be a conversion spread, meaning that it might swap the cryptocurrency as lower-than-market rates and pocket the difference -- a common technique by crypto wallet apps with in-built conversions.

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Read more of this story at Slashdot.


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