According an exclusive report from Reuters, PayPal is set to release a formal announcement later on the day in which it will unveil its long-awaited cryptocurrency payment feature for U.S. customers.
The company caused a stir last year when it confirmed its venture into crypto, with the rollout ultimately set to extend to all users and 29 million merchants.
“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet,” President and CEO Dan Schulman told Reuters.
While PayPal will not focus solely on Bitcoin, BTC price action reacted favorably to the reports, passing February’s prior all-time high of $58,300 to manage $59,200 at the time of writing.
A look at orderbook data from Binance showed sellers still lined up between current spot price and historic highs of $61,700.
Continuing, PayPal referenced a watershed moment for cryptocurrencies in general, with Schulman describing them as a “legitimate funding source.”
“We think it is a transitional point where cryptocurrencies move from being predominantly an asset class that you buy, hold and or sell to now becoming a legitimate funding source to make transactions in the real world at millions of merchants,” he added.
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