Crypto exchange bitFlyer Europe links up with PayPal, enabling account deposits with euros
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.
Indeed, PayPal is a dominant payment method in Europe, with about 35% market share.
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. Traditional payment methods can take up to three business days for deposits to clear.
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.
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.
For bitFlyer Europe, PayPal is an intermediary and a bridge between users and the exchange.
bitFlyer Europe was launched in January 2018 and is a fully-owned subsidiary of its Japanese parent bitFlyer. It currently has about 1.25% market share in terms of trading volumes and is recognized as one of a few exchanges with legitimate volumes.
PayPal has reportedly been looking to offer a crypto trading service via its app, it have partnered with Paxos Crypto Brokerage to launch such a service.