[Blockchain Today reporter Jeong Seung-won] After rumors about the decision to accept cryptocurrency by PayPal, an online payment giant, spread to the news, PayPal CEO Dan Schulman said in an interview with Reuters on the 30th (local time), “Rumor “This is true and an official statement will be released immediately.” This was reported by Cointelegraph.
The new system provides a cryptocurrency payment service, and it is expected that customers will be able to pay for goods and services from approved vendors using the stored coins. It is known that this system will deliver coins quickly at the point of sale, and sellers will receive the amount corresponding to the coin directly in fiat currency.
The calculation service is expected to support all four cryptocurrencies supported by PayPal: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Customers paying with cryptocurrency are not charged a transaction fee for their purchase and can only use one coin per purchase.
“We believe that now will be a turning point for cryptocurrencies to become a legitimate source of funding for trading in the real world with millions of merchants in the asset class where they primarily buy, hold and sell.” Revealed the idea.
When PayPal first announced its intention to enter the cryptocurrency space in October 2020, Galaxy Digital CEO Mike Novogratz said Wall Street’s reaction to the news and related “worldwide shootouts”. Have been called. PayPal has been trying to enter the industry in early March through an acquisition transaction of Curv, a digital asset security company estimated to be worth $200 million.
The news from PayPal came 24 hours after Visa announced that it would pilot a new payment system using stablecoins on the Ethereum blockchain. In this simulation, sellers who have agreed to the fiat currency transaction of customers using USDC stablecoins will participate.
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