PayPal will allow U.S. merchants to accept payments in over 100 cryptocurrencies.
According to Fortune magazine, fintech giant PayPal launched a new payment option on Monday that will allow small businesses in the U.S. to accept payments in over 100 cryptocurrencies, including mainstream cryptocurrencies like Bitcoin and Ethereum, as well as the Trump MEME coin and even the joke token Fartcoin.
A spokesperson stated that any U.S. business using the PayPal online payment processing platform can opt in. PayPal's Executive Vice President Frank Keller mentioned that PayPal will charge merchants a promotional transaction fee of 0.99% in the first year, after which the fee will increase to 1.5%.
To settle transactions, PayPal will allow users to connect their existing cryptocurrency wallets to the checkout page. Depending on the type of cryptocurrency wallet used by the buyer, PayPal will sell the cryptocurrency on centralized exchanges like Coinbase or decentralized exchanges like Uniswap. The proceeds from the sale will be converted into PayPal's own stablecoin and then converted into U.S. dollars, returned to the merchant.
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