PayPal to Allow US Small Businesses to Accept Payments in 100+ Cryptocurrencies

On July 28 (UTC+8), according to Fortune magazine, fintech giant PayPal launched a new payment option on Monday that will allow small U.S. businesses to accept payments in over 100 cryptocurrencies, including mainstream cryptocurrencies such as Bitcoin and Ethereum, as well as Trump $MEME coins and even spoof tokens like Fartcoin. A spokesperson said that any U.S. business using PayPal's online payment processing platform can opt-in. PayPal Executive Vice President Frank Keller said that PayPal will charge merchants a promotional transaction fee of 0.99% in the first year, after which the fee will increase to 1.50%. To settle transactions, PayPal will allow users to connect their existing cryptocurrency wallets to the checkout page. Depending on the type of crypto wallet the buyer uses, PayPal will sell the cryptocurrency on centralized exchanges such as Coinbase or decentralized exchanges such as Uniswap. The proceeds from the sale will be converted into PayPal's own stablecoin and then into U.S. dollars, which will be returned to the merchant. (Source: Fortune Magazine) [Fortune]