PayPal just launched a major upgrade for its mobile payments app that pushes crypto into the mainstream financial scene.  Covered: Paypal’s New Crypto Upgrade Crypto Adoption Rising Throughout The World The new PayPal app gives you more ways to explore crypto. Whether you want to buy, sell, hold or even use it to checkout with […] The post Breaking: PayPal Enables Crypto Payments For Millions Of Merchants appeared first on CryptosRus.

Breaking: PayPal Enables Crypto Payments For Millions Of Merchants

PayPal just launched a major upgrade for its mobile payments app that pushes crypto into the mainstream financial scene. 

Covered:

  • Paypal’s New Crypto Upgrade
  • Crypto Adoption Rising Throughout The World

Mobile payments giant PayPal just launched a brand new update on its app that will allow crypto users to transact with merchants using their cryptocurrency. This is a major step forward for the crypto space as it brings mainstream merchants closer to the crypto ecosystem.

RECOMMENDED: VENMO INTRODUCES CASH BACK TO CRYPTO FEATURE

PayPal’s New Crypto Upgrade

With PayPal’s latest mobile app update, users will be able to select crypto at checkout on “eligible purchases” when checking out at millions of online stores. Currently, it is unclear which purchases will be considered “eligible purchases,” however “millions of online stores worldwide” seems to imply that PayPal is aiming for widespread adoption with the latest upgrade.

PayPal currently offers only four select cryptocurrencies on its platform, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

PayPal’s website further clarifies how users can check out using crypto. The payment provider highlights three key points for users interested in the service.

  • Complete your W-9 tax form in advance in the app to use your crypto as a payment method.
  • Crypto’s automatically available as a payment option as long as you’re able to pay in full.
  • PayPal will convert the crypto amount into USD, or any other currency, at no additional fee.

Based on that first point, it, unfortunately, looks like users will still be taxed on purchases using crypto (depending on location). PayPal specifies this is the case as the transaction will require users to directly sell cryptocurrency from their account to fund a transaction.

Crypto Adoption Rising Throughout The World

PayPal’s latest innovation brings people one step closer to being able to seamlessly conduct business using their cryptocurrency. Aside from the payment platform’s 400 million user base, crypto adoption is picking up speed all throughout various parts of the world.

RECOMMENDED: REPORT SHOWS CRYPTO ADOPTION UP 880% WORLDWIDE.

Recently, in the US, Miami mayor Francisco Suarez has been making major moves to usher crypto into the city. He has called for employees to be paid in Bitcoin, said that he would take his own salary in Bitcoin, and even created the city’s very own cryptocurrency, MiamiCoin. 

Last week, Suarez announced that the city of Miami will soon give residents digital wallets and pay them Bitcoin dividend rewards earned from the staking of MiamiCoin. 

Since making his moves with MiamiCoin, other mayors from both New York City and Austin, Texas, have followed suit in creating their own cryptocurrencies, NYCCoin and AustinCoin.

Outside of the US, crypto exchange-traded funds (ETFs) are landing in India and Australia. Invesco’s CoinShares Global Blockchain ETF is coming to India’s 1.3 billion population, which will give Indian investors access to 50 top crypto and blockchain-related companies, such as Coinbase, Square, and Tesla. 

In Australia, one of the country’s major banks with over $1 trillion in assets made its move in crypto. This news came shortly after the country announced that both Bitcoin and Ethereum ETFs are now approved for investing.

The post Breaking: PayPal Enables Crypto Payments For Millions Of Merchants appeared first on CryptosRus.