BitFlyer integrated with PayPal in order to gain easier access to Bitcoin and to remove the barriers to entry for European users as well, as we are reading in the latest bitcoin news.
The European branch of the Japanese exchange Bitflyer integrated with PayPal to allow users to buy and sell cryptocurrency via PayPal. The integration serves to further remove the barriers for entry for European users. The company is the European subsidiary of the oldest Japanese crypto exchanges. The Japanese exchange announced today that its European users can now deposit funds and to buy tokens using their PayPal account.
Other exchanges have also been working with PayPal to integrate their services with the leading payment platform Coinbase and to also withdraw via the payment provider. The integration is one of the firsts to enable the purchases of cryptocurrencies which is a potential boon for crypto adoption. It also makes PayPal one of the most prominent mainstream companies to start offering cryptocurrency in Europe. In the United States, the publicly-traded payment provider Square and the stock brokerage Robinhood that is already offering integration with crypto services.
The integration means that the users of PayPal, the payment provider has a 35% market share which can deposit funds into the BitFlyer Europe platform to almost instantly buy cryptocurrency. the service will go a long way to remove barriers to entry and will provide an alternative to money transfers which usually take up to three days. Jack Bastin, the business strategy manager at BitFlyer Europe said:
“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.”
The company is owned by the Japanese parent company which is one of the world’s longest-standing crypto exchanges. It boasts that it is the only exchange to have a license in Japan, the US and Europe combined. The survey shows that European customers are investing in cryptocurrencies in the longer. The exchange enabled trading Etheruem and Bitcoin last month for European and US customers after the launch of the Buy/Sell platform. The exchange said it is launching a few other coins in the upcoming months. PayPal’s next move that the industry will be watching closely.
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