PayPal to allow US merchants to accept over 100 cryptocurrencies

Financial technology giant PayPal launched a new payment option on Monday that will allow small U.S. merchants to accept more than 100 cryptocurrencies, including mainstream cryptocurrencies such as Bitcoin and Ethereum, as well as Trump MEME coins and even spoof tokens such as Fartcoin. A spokesperson said that any U.S. business using PayPal's online payment processing platform can choose to join. PayPal will charge merchants a 0.99% transaction promotion fee in the first year, and then increase the fee to 1.5%, said Frank Keller, PayPal's executive vice president.

To settle transactions, PayPal will allow users to connect their existing cryptocurrency wallets to the checkout page. Depending on the type of crypto wallet used by the buyer, PayPal will sell cryptocurrencies 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 converted into US dollars and returned to the merchant.