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PayPal Launches Crypto Payments for Over 100 Cryptocurrencies

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by Giorgi Kostiuk

7 hours ago

PayPal has announced the launch of new crypto payment options, allowing users to pay with over 100 cryptocurrencies.

New Opportunities for Merchants

Merchants opting into the program will benefit from lower processing fees, with a 0.99% promo rate in the first year, later rising to 1.5%, still below typical credit card charges.

Simplifying International Transactions

According to CEO Alex Chriss, the update simplifies international sales by using blockchain rails to remove traditional banking barriers, allowing a store in Oklahoma to accept crypto payments from a buyer in Guatemala, no third parties needed.

Growth of the Crypto Market

After launching crypto features in 2020 and introducing its stablecoin PYUSD in 2023, PayPal has seen a 70% rise in market cap for PYUSD, reaching $850 million this year.

The launch of new crypto payment features signals PayPal's renewed commitment to blockchain integration and strengthening its position in the crypto market.

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