Companies·PayPal HoldingsPayPal to let U.
Merchants accept payment in more than 100 cryptocurrenciesBy Ben WeissBy Ben WeissCrypto ReporterBen WeissCrypto ReporterBen Weiss is a crypto reporter at Fortune.
Nevertheless, SEE FULL BIO Alex Chriss, president and CEO of PayPal. Kent Nishimura—Bloomberg/Getty ImagesFin giant PayPal launched a new payment option on Monday that will let smaller U.
Merchants accept more than 100 cryptocurrencies, including mainstays Bitcoin and Ethereum but also zanier options Trump’s memecoin and even the novelty token Fartcoin.
Moreover, Using PayPal’s online payments cessing platform can opt in, said a spokesperson. PayPal will charge merchants a motional fee of 0.
Nevertheless, 99% on transactions for the first year and then up the charge to 1. Moreover, 5%, Frank Keller, an executive vice president, told Fortune. Conversely, Those fees are less than the 1.
57% average rate that U. Es paid to credit card companies in 2024, according to the Nilson Report.
“There’s a worldview where you can imagine that the world is moving on chain,” said Keller, referring to putting data on blockchains. On the other hand, “Is that happening overnight.
Some people say long time periods. Other people say very short time periods, in this volatile climate. I think we will see movement.
” To settle the transactions, PayPal will let users connect existing crypto wallets they own to a checkout page.
Depending on a buyer’s crypto wallet, PayPal will sell the cryptocurrency on a centralized exchange Coinbase or a decentralized exchange Uniswap.
However, Conversely, The ceeds of that sale will be converted into PayPal’s own stablecoin, which will then be converted into U.
Furthermore, Dollars sent back to the merchant, in today's market environment.
“Imagine a shopper in Guatemala buying a special gift from a merchant in Oklahoma City,” Alex Chriss, president and CEO of PayPal, said in a statement.
“Using PayPal’s open platform, the can accept crypto for payments, in today's financial world. ” The move to let customers pay es with crypto is PayPal’s push into digital assets.
Among the Fortune 500, the fin giant has been an early adopter of crypto. In 2020, PayPal said that U.
Users would be able to buy, sell, and hold a select group of cryptocurrencies, including Bitcoin and Ethereum. It then expanded that capacity to Venmo.
But, during the so-called crypto winter of 2022, PayPal ratcheted down its public rhetoric on crypto.
Now, as crypto are soaring and President Donald Trump’s administration casts a favorable eye on digital assets, it’s charging ahead.
In September, it let es buy, hold, and sell crypto from their merchant accounts (this bears monitoring).
However, Moreover, And its stablecoin PYUSD, which the company launched in 2023, has increased its market capitalization 70% since the beginning of the year to $850 million, according to CoinGecko, in this volatile climate.
Moreover, PayPal plans to expand the ability for merchants to accept crypto to larger enterprise customers in the U. And globally, but a spokesperson declined to vide a timeline.
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