Bitcoin price continued to rise on Tuesday and topped the $59,000 level for the first time since 21 March after PayPal said it is allowing US consumers to use their cryptocurrency holdings to pay at millions of its online merchants globally.
Customers who hold Bitcoin, Ether, Bitcoin cash, and Litecoin in PayPal digital wallets will now be able to convert their holdings into fiat currencies at checkouts to make purchases, the company said.
Service availability
The company said in a blog post the product is “rolling out to PayPal customers in the U.S. from today and will be available broadly to customers in the U.S. in the coming weeks.”
Comment from CEO of PayPal
“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.”
“Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies.”
Largest Mainstream
The offering made PayPal one of the largest mainstream financial companies to open its network to cryptocurrencies and helped fuel a rally in virtual coin prices.
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