Crypto exchange bitFlyer Europe links up with PayPal, enabling account deposits with euros

Quick Take

  • Crypto exchange bitFlyer Europe has integrated with PayPal.
  • The move means bitFlyer users can now deposit euros using their PayPal accounts to buy cryptocurrencies.
  • Jacek Bastin, business strategy manager at bitFlyer Europe, told The Block: “The integration is all about removing barriers to entry.”
advertisement

Crypto exchange bitFlyer Europe has announced an integration with PayPal.

The move means bitFlyer users can now deposit euros using their PayPal accounts to buy cryptocurrencies. "What we have done is that we have integrated PayPal in the same way e-commerce websites would," Jacek Bastin, business strategy manager at bitFlyer Europe, told The Block. "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.

As for how the integration would work in practical terms, bitFlyer Europe users will be redirected to PayPal's website when selecting the payment method to deposit funds. The fund transfers would be "close to instant," said Bastin. Traditional payment methods can take up to three business days for deposits to clear.

"We're proud to offer users the opportunity to use their PayPal accounts to deposit funds for purchasing crypto," said Andy Bryant, COO of bitFlyer Europe.

Currently, no crypto exchange allows depositing funds via PayPal accounts. Coinbase, which has a longstanding relationship with PayPal, allows only withdrawals to users' PayPal accounts. The Block has reached out to Coinbase about whether the exchange would also enable deposits via PayPal in the near future, and will update this story should we hear back.

Peer-to-peer (P2P) exchanges, such as LocalBitcoins and Paxful, allow buying crypto via PayPal, but that is not a direct integration. On these platforms, buyers and sellers transfer funds from and to their PayPal accounts for trades. "That is a C2C [customer-to-customer] relationship, ours is a B2C [business-to-customer]," Bastin told The Block.

Brokerage firm eToro also allows buying crypto via PayPal. The option works as a normal PayPal transaction, an eToro spokesperson told The Block, adding that in the U.S., eToro currently only accepts deposits by wire and ACH transfers.

For bitFlyer Europe, PayPal is an intermediary and a bridge between users and the exchange, Bastin told The Block.

bitFlyer Europe was launched in January 2018 and is a fully-owned subsidiary of its Japanese parent bitFlyer. The exchange also operates in the U.S. It currently has about 1.25% market share in terms of trading volumes, according to The Block Research, and is recognized as one of a few exchanges with legitimate volumes.


Source: CryptoCompare, The Block Research

It is unclear whether PayPal has partnered with more crypto exchanges for similar integrations. Bastin declined to comment and PayPal did not respond to The Block's requests for comment by press time.

PayPal has reportedly been looking to offer a crypto trading service via its app. The payment giant is said to have partnered with Paxos Crypto Brokerage to launch such a service.


This story has been updated to include comments from an eToro spokesperson. 


© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC
More