Paypal has been opening up to the cryptocurrencies lately, and recently it has partnered with bitFlyer Europe, the European subsidiary of bitFlyer, one of the largest Japanese cryptocurrency exchanges.
According to the announcement from the exchange, PayPal has integrated with the exchange to allow bitFlyer customers to be able to deposit funds in their crypto accounts instantly, further bridging the gap between fiat and cryptocurrency for European users.
Until now, bitFlyer supported wire card transfers, which on average takes 1-3 days for clearance. Compared to this, PayPal allows the same deposits to be made in a matter of minutes.
Users will now be able to deposit Euros directly to their exchange wallets to trade crypto. Furthermore, there are no handling or processing costs on top of the fees charged by PayPal.
PayPal has more than 340 million users and handles almost 35% of all eCommerce transactions in Europe. With this integration, both bitFlyer and cryptocurrencies in general will be exposed to a wider of Europeans.
According to Jacek Bastin, Business Strategy Manager at bitFlyer Europe:
“The cryptocurrency space is still in its infancy, and despite the ecosystem growing, the industry is still daunting for newcomers. Given that approximately a third of European e-commerce payments are being processed through PayPal, we are more than thrilled to provide users with a deposit method they know and rely upon.”
PayPal is exploring Crypto
Over the past year, multiple reports have surfaced regarding PayPal stepping into the crypto space.
Back in June, the payments giant was hiring for a job titled “Technical Lead – Crypto Engineer,” and a blockchain research engineer.
The following month, it was reported that the company is set to introduce crypto to its 325 million users in collaboration with Paxos Crypto Brokerage.
The company also sent a letter to the European Commission which hinted that it was exploring the crypto space.
In the letter, PayPal acknowledged that it was “continuously monitoring and evaluating global developments in the crypto and blockchain/distributed ledger space,” adding that it favors a “harmonized” regulatory approach that wouldn’t compromise innovation.