Digital Assets: Crypto Exchange bitFlyer Integrates Platform With PayPal
bitFlyer Europe is a wholly-owned subsidiary of bitFlyer, Inc., the Japanese bitcoin and blockchain company.
Digital exchange bitFlyer Europe announced Monday its launch of a new payment option for its users through integration with PayPal (NASDAQ: PYPL). This bridge between the two organizations will enable PayPal users to easily fund an account with the crypto exchange and thereafter commence safe and secure transactions in various cryptocurrencies. (BusinessWire)
bitFlyer Europe customers can now fund their crypto account instantly using PayPal. This allows quicker access to market opportunities because conventional payment methods, such as wire transfers, often take up to 3 business days.
The funding method will not add any charges to the customer beyond what is charged by PayPal.
New funding source
“We’re proud to offer users the opportunity to use their PayPal accounts to deposit funds for purchasing crypto,” said Andy Bryant, COO of bitFlyer Europe. “The integration of PayPal adds a new funding source for bitFlyer users. Thousands of our users already use PayPal for fiat transactions. Now, users can purchase bitcoin and other cryptocurrencies in the same way too.”
The methodology is simple. When a bitFlyer Europe customer opts for the PayPal method for funding her account, the site will automatically route the transaction to PayPal’s website for the execution of the payment.
The bitFlyer cryptocurrency exchange is regulated in Japan, the US and Europe combined.
PayPal and cryptos
According to Coin Journal, bitFlyer becomes the first crypto exchange to allow deposits via PayPal. Though Coinbase has a linkup with PayPal, it allows only withdrawals to the customer’s PayPal account.
Rumors have circulated since June that PayPal and its subsidiary Venmo may allow their customers to transact cryptos.
Fintech Square (NYSE: SQ), challenger bank Revolut, and broking disruptor Robinhood already do so.
Image credit: PayPal San Jose Headquarters/Commons Wikimedia