Bitcoin Nears $60,000 After PayPal Announces Crypto Checkout Service

Bitcoin prices rallied in the early London session after Reuters reported that PayPal would launch its crypto checkout services later on Tuesday.

The payment giant, which started offering bitcoin custodial and trading services in October last year, will now allow US customers to use their cryptocurrency holdings to pay to PayPal’s millions of merchants worldwide. The service also extends to users who hold Ethereum, Bitcoin Cash, and Litecoin.

“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet,” Dan Schulman, president/CEO of PayPal told Reuters ahead of the formal announcement.

The offering made PayPal one of the largest mainstream financial giants foraying into the digital currency sector. Many analysts noted that it would lead to a crypto price boom, with the first signs already emerging across the bitcoin and altcoin market.

Bitcoin surged more

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