Through PayPal, BitFlyer will hope to make it easier for customers who opt for the European subsidiary of the company to purchase cryptocurrencies.
According to the exchange, consumers can now deposit their FIAT money almost instantly, replacing card wire transfers that take up to three business days.
The recent move is part of a growing trend intended at bringing more FIAT consumers over to crypto, by offering them a mainstream payment option.
BitFlyer’s choice of a partner was not accidental. The platform went specifically for PayPal, as it has one of the biggest consumer bases – some 340million people have registered.
That includes both private accounts and business accounts. In addition, an estimated 35 per cent of all e-commerce traffic in Europe is handled via PayPal.
PayPal will help BitFlyer raise its awareness and create conditions for the further growth of the platform in Europe, which the Japanese firm now considers one of its key markets.
BitFlyer is also pushing for further expansion in the United States. The adoption of crypto by FIAT users is not new, but having more facilitators trying to give better accessibility is great.