Global payments platform PayPal has announced that it will begin allowing US businesses to accept payments in cryptocurrencies. “PayPal today simplifies cross-border trade for sellers by connecting a unique combination of cryptocurrency, digital wallets, and merchants worldwide, while simultaneously reducing transaction fees by up to 90%,” PayPal said in a statement. According to the official announcement, PayPal will allow US businesses to accept over 100 cryptocurrencies. Big Step from PayPal! PayPal has announced that US sellers using its online payment platform can now accept over 100 cryptocurrencies by allowing buyers to link their existing crypto wallets to its platform during checkout. All US businesses using PayPal's online payment processing platform will be eligible to participate. According to Fourtune, more than 100 cryptocurrencies will be accepted as payment methods, including cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and USDC, as well as memecoins like TRUMP. PayPal will allow users to connect their existing cryptocurrency wallets to the payment page to complete transactions. Depending on the type of cryptocurrency wallet the buyer uses, PayPal will sell the cryptocurrency on centralized or decentralized exchanges like Coinbase. Cryptocurrencies used in transactions will be converted to PayPal’s PYUSD stablecoin on exchanges and then converted back to dollars, with a 0.99% promotional fee for sellers in the first year. At this point, PayPal Executive Vice President Frank Keller said that PayPal will charge sellers a 0.99% transaction promotion fee for the first year, then increase that fee to 1.5%. It will initially support Coinbase, OKX, Binance, Kraken, Phantom, MetaMask, and Exodus wallets. The new service, called “Pay With Crypto,” is scheduled to roll out to US merchants in the coming weeks. *This is not investment advice. Continue Reading: A New Era in Crypto from Global Payment Giant PayPal! It Affects Over 100 Cryptocurrencies, Including Bitcoin (BTC) and Ethereum (ETH)!
