The internet payment giant PayPal has teamed up with the European subsidiary of bitFlyer, the leading Japanese based crypto exchange, to fill the gap between the fiat and the cryptocurrency sector for European users.
bitFlyer Europe already offers wire card transfers support but clearance takes more than a couple of days. However, PayPal integration is anticipating to make almost immediate deposits. Analysts also believe that bitFlyer may expose to the PayPal extensive user base of over 340 million.
According to the strategy manager of bitFlyer Europe Jacek Bastin, the new collaboration will empower European users to transfer Euros directly to their wallet for crypto trading. Jacek said, “bitFlyer charges no handling or processing costs on top of the fees charged by PayPal.”
PayPal Developing its Capabilities to Accept Cryptos
PayPal is actively working on blockchain technology and cryptocurrencies to explore new opportunities. As reported in June 2020, The payment giant was hiring crypto and blockchain designers. There were also stories about the firm preparing to permit uninterrupted crypto purchases for its global users.
Moreover, a letter to the European Commission explained that the firm was persistently evaluating worldwide developments in the blockchain and digital asset sphere. The letter additionally expressed that PayPal was taking “unilateral and tangible steps” to build up its capacities in this ecosystem.