It took some time to happen, but the wait is now over. PayPal has added the long-awaited crypto functionality to its platform to allow digital tokens to be transferred, sent, and received.
However, the new feature is only available to users based in the United States. With the new development, users can now transfer crypto tokens to their wallets or other exchanges via PayPal.
Moreover, the new feature currently supports a few cryptocurrencies: Ethereum, Bitcoin, Litecoin, and Bitcoin Cash. The payment service provider plans to add more tokens as demand increases.
In addition, the transfer of the supported coins attracts no charges, and the processing time is instant. The new feature will be available to some select users by June 7.
However, once the initial test is completed, the rest of the U.S. market will have access to the new payment solutions in the next couple of days.
A surge in Demand for Crypto Payment Services
More than ever before, more businesses are shifting their attention to crypto payments. As cryptocurrency becomes more mainstream, the demand for crypto payments increases as adoption rises.
One of the most ardent supporters of cryptocurrency, Dogecoin, Elon Musk, has previously stated that his companies accept payment in crypto. Starlink and SpaceX are two of Musk’s companies that set the tone for payment in digital currency.
After he acquired Twitter, rumors started flying that the billionaire would integrate support for crypto payment with DOGE in mind.
Many established firms in the U.S. and worldwide have adopted payment in crypto for most of their products and services. Notably among them is checkout.com. As an online payment service solution, checkout.com recently integrated USDC to provide merchants with the means of making and accepting payments.
Furthermore, crypto payment has attracted many merchants due to the instant processing time for transactions. As a result, merchants are not restricted to the periodic limits of business hours before they can make payment.
In the meantime, checkout.com only supports USDC payment for merchants, but expansion is imminent as more merchants shift to crypto services.
AMC Theaters Accept Crypto Payments
American movie production firm AMC Theaters announced in April 2022 that it had begun accepting crypto payments in all its theaters. However, the payment only supports the meme coins, Dogecoin and Shiba Inu.
Moreover, the entertainment giant’s initial plan was to start with the major cryptocurrencies but faced a setback.
Meanwhile, the team at Dogecoin has been working on making the top meme token the “currency of the internet.” The 2022 roadmap highlights the DOGE team’s practical approach toward crypto payment expansion.
Additionally, Dogecoin is also known as the people’s currency going by its broad fan base and institutional support. The popular meme coin is the leading utility among digit assets.
The popular meme cryptocurrency is yet to recover from its all-time high as the broader crypto market is in turmoil.
As cryptocurrency adoption intensifies, companies yet to embrace digital currency will likely join the fray in the future.