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PayPal CEO Makes First Bitcoin Purchase with New Crypto Checkout Service

Tue, 30/03/2021 - 16:04
PayPal CEO Makes First Bitcoin Purchase with New Crypto Checkout Service
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PayPal CEO Dan Schulman has recorded a video tutorial that offers a step-by-step guide on how to use the company's new cryptocurrency checkout service.


Schulman visited the website of western lifestyle retailer Bronco Western Wear to purchase a pair of his favorite ostrich boots.

After picking his size, going to the checkout page and placing his order, he then chose Bitcoin to pay for his $299 purchase.

The executive explains that crypto can now be seamlessly used as a funding source instead of one's PayPal balance or credit card.

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Another shot in the arm from PayPal

Shulman has been personally holding Bitcoin for years, but PayPal ventured into crypto only in late 2020 by allowing its customers to buy and hold digital assets.

Earlier today, the company announced that the new crypto checkout service—which allows users to pay for goods in BTC and three other cryptocurrencies—would soon become available at 29 million merchants.

Following the announcement, Bitcoin resumed its rally, coming close to revisiting the $60,000 level.

It is worth noting that, unlike Tesla, merchants will not actually be receiving and keeping crypto since it automatically gets converted into cash.


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