PayPal to Accept 100 Cryptocurrencies for Trade with US Merchants

The new feature will connect with most crypto wallets and will allow users to make payments using Bitcoin (BTC), Ether (ETH), Solana (SOL), XRP, stablecoin USDT, and others, according to a 28 July press release. That should enable coverage of 90% of the crypto market by value.  

PayPal has been diversifying its payments platform into digital assets over the last few years. It launched its stablecoin PYUSD in 2023, which now has a market capitalization of almost $1 billion. Last week the company announced the PayPal World feature, linking domestic digital wallets such as Venmo or TenPay

Reduced fees 

One of the key points of the new feature for PayPal is reducing processing fees – especially those associated with credit cards. The company will charge an 0.99% service charge, which it says is 90% lower than the charges associated with credit cards. 

"Businesses of all sizes face incredible pressure when growing globally, from increased costs for accepting international payments to complex integrations. Today, we're removing these barriers and helping every business of every size achieve their goals," said PayPal CEO and President Alex Chriss.  

Enabling cross-border payments 

Chriss added that “we’re breaking long-standing barriers in global commerce” and that the innovations “drive merchant growth, expand consumer choice, and reduce costs.” Integrating crypto and digital currencies into the PayPal platform is a key goal for the company. 

However, the company did not add any information about whether the feature would be rolled out for non-US merchants.