The European subsidiary of bitFlyer, one of the largest Japanese cryptocurrency exchanges,has integrated PayPal deposits to their platforms.
The official announcement calls bitFlyer’s integration with the internet payment giant a significant move in bridging the gap between the fiat and cryptocurrency world for European users.
While bitFlyer Europe already supports wire card transfers, it takes between one to three days for clearance. The integration of PayPal is expected to make deposits almost instant.
bitFlyer Europe users will now be able to directly deposit euros to their wallet to trade cryptocurrencies, bitFlyer Europe business strategy manager Jacek Bastin told Cointelegraph. He said, “bitFlyer charges no handling or processing costs on top of the fees charged by PayPal.”
As PayPal has a worldwide user base of more than 340 million and handles almost 35% of all eCommerce transactions in Europe, it may expose a wide number of European netizens to bitFlyer exchange and also cryptocurrencies in general.
Without disclosing details, Bastin said that bitFlyer Europe was working on other ways to make cryptocurrency trading more accessible and secure.
Alongside bitFlyer’s move to expand into the United States and Europe, it’s quite evident that even PayPal is gearing up to innovate using cryptocurrencies and blockchain.
Cointelegraph reported in June that PayPal was hiring for crypto and blockchain engineers. There were also rumors about the payment giant planning to enable direct cryptocurrency purchases for its global users.
Furthermore, a letter from PayPal to the European Commission clarified that the company was continuously assessing global developments in the blockchain and cryptocurrency space. The letter also stated that PayPal was taking “unilateral and tangible steps” to develop its capabilities in this field.