Crypto trading platform bitFlyer Europe has just started supporting PayPal deposits, The Block has reported.
From now on, the users of the exchange can deposit funds into their accounts through PayPal, which means they now have a new and convenient method to buy cryptos on the platform.
Jacek Bastin, the exchange's business strategy manager, has said the objective of integrating this new method is to remove entry barriers.
It must be noted PayPal currently has a 35% market share in Europe, which is the reason why the integration of the service aims to contribute to making cryptos more accessible to everyone, especially newcomers.
Just like any other platform using PayPal, bitFlyer Europe's users will be redirected to PayPal's website when they choose this payment method to deposit funds into their accounts. Transfers are reported to be almost instantaneous, while transactions with other traditional payment methods usually take up to 3 business days.
PayPal deposits are not supported by any other crypto exchange at the moment. However, Coinbase does allow withdrawals.
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