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PayPal launches crypto checkout service

On Tuesday, PayPal Holdings Inc. will announce U.S. consumers will be allowed to use their cryptocurrency holdings to pay at online merchants globally. This move could significantly boost the use of digital currencies in commercial transactions every day. Bitcoin, ether or bitcoin cash in PayPal wallets will be able to be converted into flat currencies at checkouts to make purchases. 

The service will be available at all 29 million online merchants in the upcoming months. The Checkout with Crypto gros the ability for PayPal users to hold and trade crypto currencies. PayPal is one of the largest mainstream financial companies to open its network to crypto currencies. Crypto currencies are growing rapidly in popularity, however it has not yet become a mainstream form of payment due to its volatility. The conversion of crypto currency into a flat currency will allow merchants to avoid taking on the volatile risk of crypto currencies.

Read more: PayPal launches crypto checkout service

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