bitFlyer Europe has integrated PayPal deposits, making it much easier for users to deposit fiat currency. 

Though the European branch of the major Japanese cryptocurrency exchange already supported wire card transfers, they were slow, taking up to three days to clear. By comparison, PayPal deposits will be virtually instant. Transactions will also be relatively cheap, with users only having to pay the standard PayPal fees – nothing being added by bitFlyer. 

Commenting on the development COO of bitFlyer Europe, Andy Bryant, said:

“We’re proud to offer users the opportunity to use their PayPal accounts to deposit funds for purchasing crypto. The integration of PayPal adds a new funding source for bitFlyer users. Thousands of bitFlyer users already use PayPal for fiat transactions. Now, users can purchase bitcoin and other cryptocurrencies in the same way too.”

While Business Strategy Manager at bitFlyer Europe, Jacek Bastin, added:

“The cryptocurrency space is still in its infancy, and despite the ecosystem growing, the industry is still daunting for newcomers. Given that approximately a third of European e-commerce payments are being processed through PayPal, we are more than thrilled to provide users with a deposit method they know and rely upon. The process to deposit through PayPal is entirely frictionless, secure and reliable, with users to be credited near to instantly”.

Luxembourg-based bitFlyer Europe launched in January 2018, as a fully-owned subsidiary of bitFlyer, Inc.. bitFlyer is currently the only cryptocurrency exchange regulated in Japan, the US, and Europe combined. 

PayPal has over 340 million users globally, and is thought to process around 35% of all eCommerce transactions in Europe, so its integration is a major step in improving the user experience for bitFlyer. 

Staying with PayPal, in June the company posted job vacancies for crypto and blockchain engineers, and in July reports suggested the company is planning to introduce crypto trading through Paxos’ new brokerage service platform, fuelling speculation the payment company is planning to add direct support for major cryptocurrencies very soon.

AYO.NEWS says:

With people being so familiar with PayPal, thanks in large part to eBay, especially in Europe, the ability to deposit euros in a virtually frictionless way means this is exactly the kind of progress that will truly open up the crypto space to the mainstream. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

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