Media reports emerged this morning that PayPal has started allowing US consumers to use cryptocurrencies for payments.

This means that millions of PayPal-supported merchants around the world will benefit from Crypto for payments.

According to a reportReutersPayPal will announce the service later today, and will provide more details about it.

This move by PayPal may significantly enhance the use of cryptocurrencies and expand their adoption in the world.

People who have Bitcoin, Ethereum, Litecoin and Bitcoin Cash in their PayPal digital wallets will be able to convert them into fiat currencies when making purchases.

Dan Shulman, CEO of PayPal, said:

This is the first time that you can seamlessly use cryptocurrencies in the same way as using a credit or debit card within your PayPal wallet.

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PayPal has become one of the largest financial companies to open up its entire network to cryptocurrency users and to help with its further adoption.

This move is also in line with what the company previously laid out as future plans.

Read:In its quest to legalize Bitcoin, Russia is preparing to prepare a regulatory draft by February 18

The crypto market reacted to the news of PayPal, as Bitcoin rose to the level of $59 thousand, according to coinmarketcap.

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