Recently PayPal Inc. (NASDAQ:PYPL) confirmed its support for cryptocurrencies, with users now able to spend bitcoin, Ethereum, Litecoin, and Bitcoin Cash in over 26 million merchants globally. The move by PayPal is a massive milestone towards the mainstream adoption of virtual currencies.
Merchants using PayPal will receive fiat currencies with PayPal converting crypto to cash during the settlement process. Cryptocurrencies have taken an enormous step in mainstream adoption. This adoption is essential, considering PayPal plans to expand this service to Venmo early next year.
MobiePay among early adopters of digital currencies
Although PayPal is one of the most popular payment providers that have adopted cryptocurrencies, it is not the only one. Other fintech companies have paved the way for behemoths to enter the space, validating consumer demand, building users, and onboarding retailers. One of the fintech firms that are leading the trend is MobiePay.
MobiePay is a blockchain-based reward and universal payment ecosystem which connects cryptocurrencies and fiat currencies to the retail market place globally. The company launched in 2018 intending to overhaul the plastic cards-based conventional system. Similar to GooglePay and ApplePay, the value proposition of MobiePay depends on frictionless payment supporting digital currencies.
Users can buy products and pay for services with their smartphones using crypto, and in the process, they can earn loyalty rewards and cashback. Users can also send virtual and fiat currencies across the globe with just a tap on the screen. MobiePay’s executive team includes senior figures from leading financial institutions such as JPMorgan Chase & Co (NYSE:JPM) and Morgan Stanley (NYSE:MS).
MobiePay supporting Orion Porotoco’s native token
The startup recently added support for Orion Protocol’s (ORN) native token, a decentralized finance platform that aggregates crypto market liquidity. ORN joins Bitcoin, MobieCoin, Stellar, and Lightning Network as supported currencies, with the latter enabling quick and affordable crypto transactions.
MobiePay CEO Brandon Burguson said that the Orion Protocol’s integration is vital for the Mobei ecosystem and in-app exchange. The Orion Protocol enables a seamless liquidation process with access to the liquidity of multiple exchanges.