With this new feature, U.S.-based Paypal users will be able to transfer supported coins to PayPal and move from PayPal to external wallet addresses, including exchanges and hard wallets. Sending supported coins to other PayPal accounts will also be possible instantly and free of charge.
As of June 7, a handful of select users will be able to use this new feature. After the initial test is over, the rest of the U.S. will gain access to the feature in the coming weeks.
More companies have been turning to payments in crypto recently. One of the most famous ones, Elon Musk’s Tesla and Space X, accepts payment in crypto. Investors speculate that Musk might also add a crypto payment feature to Twitter.
One of the most recent steps on the crypto payment front was taken by an online payment service provider, checkout.com, which launched its USDC integration to allow merchants to accept or make payments. As the merchants shift to crypto, they can be freed from the restrictions of business hours while issuing payments. For now, the feature only supports USDC, but the company said they’d be including more digital assets in time.
In April 2022, American movie theater company AMC Theatres announced accepting payments in Dogecoin and Shiba Inu. The company’s initial plan was also to accept Bitcoin, Ether, Litecoin, and Bitcoin Cash.
Another significant step towards crypto payments came from the Dogecoin team when they set the goal to become the “currency of the internet” via the 2022 roadmap. The team is adopting a practical approach to crypto and working to transform Dogecoin into a serious universal currency for people.