The European subsidiary of BitFlyer, one of the largest Japanese cryptocurrency exchanges,has integrated PayPal deposits to their platforms.
The official announcement calls BitFlyer’s integration with the internet payment giant a significant move in bridging the gap between the fiat and cryptocurrency world for European users.
While BitFlyer Europe already supports wire card transfers, it takes between one to three days for clearance. The integration of PayPal is expected to make deposits almost instant.
BitFlyer Europe users will now be able to directly deposit euros to their wallet to trade cryptocurrencies, BitFlyer Europe business strategy manager Jacek Bastin said, “bitFlyer charges no handling or processing costs on top of the fees charged by PayPal.”
As PayPal has a worldwide user base of more than 340 million and handles almost 35% of all eCommerce transactions in Europe, it may expose a wide number of European netizens to BitFlyer exchange and also cryptocurrencies in general.
Furthermore, a letter from PayPal to the European Commission clarified that the company was continuously assessing global developments in the blockchain and cryptocurrency space. The letter also stated that PayPal was taking “unilateral and tangible steps” to develop its capabilities in this field.”