Bitcoin (BTC) approached near $60,000 after PayPal confirmed that it had officially launched cryptocurrency payments. Paypal today revealed Checkout with Crypto, a new feature that greatly extends the utility of cryptocurrencies.
At press time, the top cryptocurrency by market capitalization was trading around $58,962, up 1.95% on the day.
Checkout with Crypto allows a company's customers to pay with cryptocurrency without needing any extra integrations or payments from the company. All transactions are settled in US dollars and converted to the business's preferred currency using regular PayPal conversion rates.
In contrast to the last week of February, when firmer yields knocked the wind out of bitcoin's bull market, the cryptocurrency is gaining ground amid rising bond yields. The 10-year Treasury yield in the United States is currently 1.77%, the highest since January 23, 2020. Today's benchmark yield is up six basis points, and it's up nearly 20 basis points since March 25.
Customers can use Checkout with Crypto to sell cryptocurrency via PayPal and then pay a business for those online transactions in one simple move.
Checkout with Crypto is a logical outgrowth of PayPal's wide range of services for retailers to drive interaction with their customers, and it continues PayPal's dedication to enabling competition in the way customers pay and businesses get paid.
"As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies while continuing to offer PayPal customers choice and flexibility in the ways they can pay using the PayPal wallet," said Dan Schulman, president and CEO, PayPal.