PayPal has started allowing U.S. users to spend their cryptocurrency holdings at millions of online merchants globally.
The development means PayPal users who hold bitcoin (BTC), ether (ETH), bitcoin cash (BCH), and litecoin (LTC) in PayPal digital wallets can now convert their crypto holdings into fiat to make purchases.
PayPal first revealed the crypto spending feature last October. In the coming months, the company will expand the feature to non-U.S. users at its 29 million global merchants. PayPal will not charge any transaction fee to pay with crypto, and customers can only use one type of cryptocurrency for each purchase.
The crypto checkout service comes in addition to PayPal’s crypto buying and selling offering that the company launched last October. PayPal’s social payments platform Venmo is also set to provide the crypto trading feature this year, as The Block reported previously.
Last month, Schulman revealed that PayPal is “significantly investing” in its crypto unit to help shape a more inclusive future.