One of the largest Japanese cryptocurrency exchanges, bitFlyer, has teamed up with PayPal to facilitate FIAT-to-crypto transactions for its European subsidiary.
PayPal Joins BitFlyer to Facilitate FIAT-Crypto Transactions
BitFlyer’s European subsidiary has integrated PayPal deposits to enable players to deposit into the cryptocurrency exchange with a familiar solution, the company reported in a press release. BitFlyer is one of the largest Japanese crypto exchanges with overseas operations in several key markets, including the United States and Europe.
In doing so, bitFlyer is hoping to bridge the gap between FIAT and cryptocurrency payments for European consumers. PayPal, which is suspended in some markets in Europe, is still one of the most reliable e-wallet alternative banking options.
Another upside of integrating PayPal for bitFlyer European user is the ability to replace wire card transfers, which may take up to three business days, with a more reliable and quicker depositing option. BitFlyer expects the transaction time to become almost instant following the integration.
Thanks to the move, consumers will now be able to use their euro currency and trade it for crypto, Jacek Bastin, Europe business strategy manager said in a statement. The transactions will incur no additional fees from bitFlyer, other than any applicable fees from PayPal. Bastin had this to add:
“The cryptocurrency space is still in its infancy, and despite the ecosystem growing, the industry is still daunting for newcomers. Given that approximately a third of European e-commerce payments are being processed through PayPal, we are more than thrilled to provide users with a deposit method they know and rely upon.”
A Gateway to New Consumers for BitFlyer
BitFlyer’s partnership with PayPal is not blind. The crypto exchange platform has chosen to team up with the e-wallet owing to PayPal’s 340 million active consumers, which account for 35% of all e-commerce transactions in Europe.
By tying up this partnership, BitFlyer has an opportunity to break into an important sector and raise awareness for its own offer among online consumers in the European Union specifically.
Europe is already working on ways to make cryptocurrencies more stable and secure, albeit the European Central Bank President, Christine Lagarde, did say that digital euro would not substitute cash, but rather complement it.
In the meantime, BitFlyer remains committed to expanding in both Europe and the United States. Thanks to PayPal’s own interest in cryptocurrency and blockchain technology, BitFlyer has picked its partner well.
PayPal has been expanding its footprint in the blockchain and crypto space, hiring engineers to fill several key positions. Some have suggested that this is going to precede the use of cryptocurrency for e-commerce transactions and enable trading, but nothing has been confirmed.
In a letter sent to the European Commission, PayPal said that it was continually assessing global developments in the sector and pushing ahead with “tangible steps” towards its own development in the sector.