Virtual currency exchange bitFlyer Europe recently announced PayPal integration that will allow its PayPal users to fund their bitFlyer accounts
The integration with global payment platform PayPal will now make it easier and safer for millions of PayPal European users to deposit funds into bitFlyer and buy cryptocurrencies. This is the latest move as bitFlyer seeks to deliver on its objective of making crypto trading convenient especially to beginners.
Andy Bryant, the COO of bitFlyer Europe, said, “We’re proud to offer users the opportunity to use their PayPal accounts to deposit funds for purchasing crypto. The integration of PayPal adds a new funding source for bitFlyer users. Thousands of bitFlyer users already use PayPal for fiat transactions. Now, users can purchase bitcoin and other cryptocurrencies in the same way too”.
The integration gives bitFlyer users an alternative to the existing traditional deposit payment methods that have often been criticized for their long processing duration. Unlike these methods that can take up to three business days, PayPal deposits are almost instant.
“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. The process to deposit through PayPal is entirely frictionless, secure and reliable, with users to be credited near to instantly,” explained Business Strategy Manager at bitFlyer Europe Jacek Bastin.
As for how the integration would work, bitFlyer Europe users will be offered a PayPal option when selecting their preferred payment method to fund their accounts. If selected, users will be redirected to PayPal’s website and the funds transfer will be almost instant.
Currently, bitFlyer is the only exchange that is regulated to operate in Japan, the US and Europe. At a time in the digital space where speed is almost everything, the integration could be a great move in the right direction considering PayPal is a dominant payment method in Europe.
No crypto exchange allows deposits via PayPal as of the moment. Coinbase, however, has a partnership with PayPal that allows withdrawals to be processed to the users’ PayPal accounts.