New opportunities appeared thanks to the signed partnership agreements between the parties.
Users of the European division of the Japanese cryptocurrency exchange bitFlyer have the opportunity to buy cryptocurrency on the platform for euros from wallets of the electronic payment system PayPal. The Block writes about this.
According to media reports, the parties have already signed documents, due to which new functionality will be added to the trading platform.
“What we have done is that we have integrated PayPal in the same way e-commerce websites would”
Jacek Bastin, business strategy manager at bitFlyer Europe
BitFlyer position among digital asset exchanges focused on the spot market, according to the adjusted data of the trading volume of the CoinMarketCap resource
In his opinion, the integration of the new service has lowered the barriers to entry into the digital asset market. Jacek Bastin noted that PayPal’s market share in Europe is 35%. This position of the company, he believes, makes the payment system the dominant player. The specialist called the integration of PayPal into bitFlyer “a new milestone”, which, in his opinion, will allow the exchange “to make cryptocurrency more accessible to everyone, including beginners.”
In order to use a new payment method for digital assets, the system will redirect users of the trading platform to the payment system website. According to representatives of the initiative, the transfers will be “almost instant”.
Other crypto exchanges also cooperate with the payment system. For example, Coinbase users can withdraw assets to PayPal accounts.
BitFlyer Europe was launched in early 2018. According to The Block, the platform holds 1.25% of the trading volume of the digital asset market.
BitFlyer’s market share. Data: The Block
Recall that at the end of June 2020, information appeared on the network about the plans of the PayPal team to add functionality for work with digital assets to the payment system.