It was a few weeks ago. A rumor relayed by TheBlock foreshadowed the arrival of a new major player in the cryptocurrency industry. PayPal, the American online payments giant, was internally preparing the draft of new services potentially distributable to its 300 million users.
Momentarily relegated to the rank of observer, the colossus of e-commerce saw the competition widening the gap. Square was reporting earnings of around $ 306 million in revenue from bitcoin trading, while RobinHood appeared determined to put cryptocurrency into a massive development plan.
This is a promotional article written in collaboration with BitFlyer
Well aware of this new paradigm largely attributable to the weakening of state monetary monopolies, Paypal, in turn, wishes to take advantage of this potential financial windfall. The American giant is taking a further step in this direction, by formalizing a new major partnership with the BitFlyer trading platform .
BitFlyer and PayPal: a win-win agreement
PayPal is no stranger to the world of cryptocurrencies. The company had allied with Bitcoin Up software to allow traders to withdraw their funds in FIAT currency. However, this feature was unable to compete with the proposals of Square and RobinHood , having already included a full feature catalog for cryptocurrency fans.
In order to catch up, the e-commerce giant formalized on September 20 a major collaboration with the exchange platform BitFlyer . The latter, long relayed to the rank of outsider, saw its market penetration capacities expand considerably.
“We are proud to be able to offer our European users the possibility of using their PayPal account to deposit funds and buy a wide choice of cryptocurrencies. “ – Andy Bryant, COO Europe BitFlyer
Despite the long-standing relationship between PayPal and Coinbase. This merger with BitFlyer was seen as a real affront internally and gives a considerable advantage to a competitor who is becoming more and more threatening.
Frequency of use of payment methods for European e-commerce platforms
Indeed, 72.2% of European e-commerce platforms regularly use PayPal in their transactions. This payment method is almost 20% ahead of its direct competitor, VISA. According to other sources, PayPal has 300,000 daily users in Europe.
This win-win partnership therefore allows PayPal to experiment with new functionalities before launching its own electronic wallet . BitFlyer, meanwhile, is being offered a massive customer potential on a platter.
BitFlyer: an ethical approach that pays off
Today ranked 8th in the world for trading platforms, BitFlyer has long been considered the ethical benchmark of the ecosystem. Its strategy of transparency linked to trading volumes, but also its seriousness in choosing the projects listed, has been designed to strengthen this image.
BitFlyer acts as a UFO in the industry. Built by an alumnus of Goldman Sachs , the platform’s objective is to put the tools that made the success of the world’s second largest investment bank into the hands of individuals . Record order speed, efficient stop-loss and take profit tools . The performance is light years away from that offered by the competition.
BitFlyer’s strategic bet is simple: to increase the skills of its users, by providing a range of tools formerly reserved for institutions. (see see „Lightning Exchange“ )