PayPal have announced plans to allow a range of cryptocurrencies when making online purchases, giving crypto markets a boost.
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Customers who have one of the range of cryptocurrencies accepted, including Bitcoin, will be able to pay any of PayPal’s 29 million merchants with the digital currency at checkouts.
The move is the latest indicator that cryptocurrencies may be able to provide some of the functionality of traditional currencies.
The service converts any cryptocurrency to a chosen flat currency at checkout, meaning merchants won’t have to accept cryptocurrency themselves, which has historically not been a good stay of value – Bitcoin for example has doubled in value so far this year.
"We think we are at 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," PayPal CEO Dan Schulman told Reuters.
It follows Tesla's Elon Musk saying that the company will now be accepting Bitcoin from customers purchasing cars, and payments business Square, founded by Twitter CEO Jack Dorsey, recently invested $170m into the cryptocurrency.