The European subsidiary of the leading Japanese crypto exchange, bitFlyer Europe, has enabled Euro deposits for its cryptocurrency users via PayPal. The business strategy manager at bitFlyer Europe, Jacek Basin, said that the development was all about removing barriers to entry for European nationals, ensuring they can easily get on board with crypto investments.
bitFlyer Europe Integrates PayPal
As Basin recently told The Block, bitFlyer reached a partnership with PayPal to enable the new payment option. Notably, the leading digital payment company holds about 35 percent of the market share in Europe. Thus, Basin believes it will allow bitFlyer Europe to follow its primary objective of making digital currencies more accessible for all, and particularly for the new entries.
Following the integration, bitFlyer users will be redirected to PayPal’s official website anytime they select it as the payment method to deposit funds, precisely in Euro. Considering the time aspect, Basin further mentioned that the transfers would be almost instant when compared to traditional payment methods, which mostly take up to three business days for deposits to be cleared.
PayPal service for crypto companies
In the report, the COO of BitFlyer Europe, Andy Bryant, insinuated that they are the first cryptocurrency exchange to roll out deposits via PayPal. Bryant noted that no digital currency exchange allows depositing funds via PayPal accounts. Popular US exchange, Coinbase supports PayPal; however, it is for withdrawal purposes. PayPal is only common in peer-to-peer exchanges.
P2P crypto exchanges like Paxful and LocalBitcoins support the buying and selling of cryptocurrencies via PayPal, but the payment service is not directly integrated on the platform. Buyers and sellers only transfer funds amongst themselves through their PayPal account for trades on these platforms, which makes up for the customer-to-customer relationship.