PayPal to allow crypto payments

PayPal announced it will soon start allowing US businesses to accept payments in more than 100 cryptocurrencies, tapping “into a global base of more than 650 million crypto users,” according to a press release.

PayPal was flat in morning trading.

PayPal’s Pay with Crypto, which will be available “in the coming weeks,” will also decrease “the cost of transactions by up to 90% when compared to international credit card processing,” the company said in the release.

“Covering 90% of the $3+ trillion Crypto Market Cap, Pay with Crypto offers the ability to pay with 100 cryptocurrencies, including Bitcoin, Ethereum, USDT, XRP, BNB, solana, USDC and many others and connect wallets including Coinbase, OKX, Binance, Kraken, Phantom, MetaMask, and Exodus with more to come,” according to the release.

Mike Cahill, CEO of Douro Labs, told Sherwood News that PayPal’s move is a major confirmation that digital assets are no longer fringe, experimental, or built for speculation alone. 

“When a payments giant starts offering 100+ crypto options and settles instantly with lower fees, it doesn’t just improve UX. It pressures the entire financial system to modernize. The real winner here is the infrastructure: networks that can support high-throughput, low-cost global transactions will now face more demand from both merchants and consumers,” he said.

In addition, businesses that hold their funds on PayPal as PYUSD (PayPal’s dollar-pegged stablecoin) can earn about 4% in interest.