PayPal launches crypto checkout service
This is not a BitPay competitor until PayPal allows users to deposit cryptocurrency. Until then it is a closed loop system, users and merchants cannot yet deposit or withdraw crypto itself, similar to Robinhood.<p>Highly disappointed that Square (Cash) has not launched a BitPay competitor and still only supports Bitcoin. They’ve allowed BTC deposits and withdrawals for years (with great UX!) yet are lagging far behind in release cadence.<p>The biggest barrier to spending crypto is still finding merchants that accept it, even through third parties. PayPal’s huge merchant userbase will allow dominance if/when they flip the switch to an open loop, “deposit your crypto” approach.<p>Only PayPal and Stripe can flip that switch at scale with a hosted checkout experience. Merchants don’t care how a user paid, they want fiat.