Online payment giant PayPal has announced the adoption of cryptocurrency as a medium of exchange between millions of global merchants, the company’s president and CEO said Tuesday ahead of the official announcement.

At the beginning of March 30, there was news about PayPal’s decision to accept cryptocurrency. Later that day, the company’s CEO Dan Shulman confirmed to Reuters that the rumors were true and that an official statement would be released immediately.

The new system is expected to contain a cryptocurrency service where users will be able to pay for goods and services from approved vendors using stored coins. It is reported that the system will see that sellers receive similar funds directly in fiat currency after the currencies are quickly converted during the sale.

At launch, the cashier service is expected to be available for all four PayPal-supported cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Customers paying with cryptocurrency are not charged a transaction fee on purchase and only one currency can be used for each purchase.

“We believe this is a transition point as cryptocurrencies move from the asset class they often buy, hold or sell, and are now becoming a legitimate source of funding for real transactions with millions of sellers,” Schulman said. release. …

In October 2020, when PayPal first announced its intention to enter the crypto space, Galaxy Digital CEO Mike Novogratz called it a “worldwide snapshot” of how Wall Street took the news. PayPal continued to meddle in the industry in early March when it acquired digital asset security firm Curv in a deal valued at $ 200 million.

The PayPal news came just 24 hours after Visa announced the launch of a new payment system using coins stored on the Ethereum blockchain. The pilot will see the participating merchants agree to conduct mandatory customer transactions using the USDC stablecoin.