Crypto exchange bitFlyer Europe has announced an integration with the payment giant PayPal. The move means bitFlyer users can now deposit euros using their PayPal accounts to buy cryptocurrencies. Jacek Bastin, business strategy manager at bitFlyer Europe, told the crypto news outlet The Block that what they have done is that they have integrated PayPal in the same way e-commerce websites would. “The integration is all about removing barriers to entry,” he added.
”PayPal is a dominant payment method in Europe.”
Jacek Bastin further noted that the payment giant PayPal is a dominant payment method in Europe, with about 35% market share. This is a clear milestone for the crypto exchange as it enables their mission to make crypto more accessible for all, especially newcomers, he added. As for how the integration would work in practical terms, bitFlyer Europe users will be redirected to PayPal’s website when selecting the payment method to deposit funds. The fund transfers would be “close to instant,” said Bastin. Currently, there are no crypto exchanges that allow depositing funds via PayPal accounts.
PayPal is reportedly looking to offer crypto services via its app.
As reported earlier this year, the global payment platform giant PayPal is reportedly looking to enable direct cryptocurrency purchases for their millions of users. It was reported that the payment platform is going to allow users to buy and sell crypto directly from their accounts. The global payment platform was also reported hiring crypto and blockchain experts amid the reports of the platform being integrated with crypto. However, it is unclear whether PayPal has partnered with more crypto exchanges for similar integrations.
BitFlyer Europe, launched in January 2018, is a fully-owned subsidiary of its Japanese parent bitFlyer. The exchange also operates in the U.S.