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.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.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.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.