Leading crypto exchange, bitFlyer, has recently announced its incorporation with global payment platform, PayPal.
As per the notification, now the European users of PayPal can buy cryptocurrencies by depositing euros into bitFlyer Europe.
The business strategy manager at biFlyer Europe, Jacek Bastin, has recently stated that like any e-commerce website, the exchange has integrated with PayPal. This way, the companies would be able to remove the barriers to entry.
He further mentioned that in Europe most of the people use PayPal for processing the payment. It is considered to be a dominant payment approach that has a market share of 35 percent in Europe.
Bastin also stated, “So that's a clear milestone for us, and enables us to follow our mission to make crypto more accessible for all, especially newcomers.”
BitFlyer, in its notification, has mentioned that from now, if any of its European users select payment methods for depositing the funds, then they will automatically be redirected to the website of PayPal.
Bastin has also mentioned that the payment processed through PayPal would get transferred almost instantly. Compared to the traditional method, the PayPal option is better because in the traditional approach the funds are transferred in three business days.
Recently, the COO of bitFlyer Europe, Andy Bryant, notified that in order to buy crypto, now, bitFlyer users would have to deposit funds using their PayPal account.
In recent time, none of the crypto exchange is accepting payment for purchasing cryptocurrencies through a PayPal account. Even Coinbase, which has integrated with PayPal for a very long time, allows users to withdraw their funds from the account.
Although the users of the P2P exchanges like LocalBitcoins and Paxful can purchase cryptocurrencies using PayPal, that does not mean the exchange's integration with the payment platform is direct.
While trading on these platforms, the funds are transferred to and from the PayPal account of the user.