By
Temitope Olatunji
April 18th, 2024
The bitFlyer integration with PayPal ensures funds deposits and it is arguably the first of its kind as other exchanges that work PayPal allow only withdrawals through the payment service provider.
Cryptocurrency exchange bitFlyer Europe has partnered with one of the world’s foremost online payment service providers PayPal Holdings Inc (NASDAQ: PYPL), which would now afford users the means to deposit funds and purchase digital currencies through their PayPal accounts. Per the official announcement, the integration means that PayPal’s millions of European users can now deposit funds to the bitFlyer Europe platform to buy cryptocurrencies in a supposedly more secure manner.
bitFlyer Europe has been foremost in its offerings to add better values to users on its platforms and currently ranks as one of the few exchanges to have regulatory licenses to operate in the United States, Europe, and Japan. The integration with PayPal to enhance funds deposit is arguably the first of its kind as the other exchanges in partnership with PayPal, such as Coinbase, allow only withdrawals through the payment service provider.
According to bitFlyer Europe, the new fund deposit means is an addition to the traditional payment means currently available on the bitFlyer trading platform.
Andy Bryant, 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.”
bitFlyer Europe Trailing Growth with PayPal Integration
While the entire cryptocurrency space is arguably still in its infancy, the strides already made by participants in the crypto sphere is a function of remarkable innovations and offerings brought in by blockchain entities include cryptocurrency exchanges. Acknowledging the newness of the industry, the Business Strategy Manager at bitFlyer Europe, Jacek Bastin inferred that the offerings particularly to newcomers into space which gives a known guarantee is a good way to make a headstart.
He stated:
“The cryptocurrency space is still in its infancy, and despite the ecosystem growing, the industry is still daunting for newcomers. 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.”
Bastin also revealed to the Block that bitFlyer Europe had done exactly what e-commerce websites do by integrating PayPal, noting that the integration is all about removing barriers to entry. Indeed, PayPal is a dominant payment method in Europe, with about 35% market share, said Bastin. “So that’s a clear milestone for us, and enables us to follow our mission to make crypto more accessible for all, especially newcomers,” he added.
Reiterating the differences between the PayPal integration by bitFyer Europe and other exchanges such as LocalBitcoins, Bastin said that the crypto buying option via PayPal on these other exchanges follows more of a customer to customer (C2C) approach while that on bitFlyer Europe is exclusively Business to Customer (B2C).