BitFlyer’s European subsidiary, one of the largest Japanese cryptocurrency exchanges, has integrated PayPal deposits into its platforms.
In the official announcement, the integration of BitFlyer with the electronic payment giant is an important step in bridging the gap between the world of digital currencies and cryptocurrencies for European users.
Although bitFlyer Europe already supports cable transfer, processing takes between one and three days. PayPal integration is expected to make deposits almost instantly.
Jacek Bastin, head of business strategy at bitFlyer Europe, told Cointelegraph that BitFlyer Europe users will now be able to invest euros directly in their crypto portfolios. “BitFlyer does not charge any processing or processing fees in addition to the fees that PayPal charges,” he said.
Since PayPal has over 340 million users worldwide and handles almost 35% of all e-commerce transactions in Europe, it can open bitFlyer exchanges for a large number of European Internet users, as well as cryptocurrencies in general.
Without revealing details, Bastin said that bitFlyer Europe is working to find other ways to make cryptocurrency trading more secure and accessible.
Apart from marketing BitFlyer in the US and Europe, it is clear that even PayPal is ready to innovate using cryptocurrencies and blockchain.
In June, Cointelegraph reported that PayPal has crypto and blockchain engineers. It is also rumored that the payment giant planned to allow direct purchases of cryptocurrencies for users worldwide.
In addition, PayPal confirms its letter to the European Commission that the company is constantly evaluating global developments in blockchain and cryptocurrency. The letter also said that PayPal has taken “concrete unilateral steps” to develop its capabilities in this area.