On July 28, PayPal announced that small businesses in the United States will be able to accept cryptocurrency payments through its platform.
The new feature will support around 100 different digital assets, including Bitcoin
The service, called Pay with Crypto, will enable users to convert their cryptocurrency into either stablecoins or fiat currency before completing a transaction. Customers will also be able to use popular wallets such as Kraken
$2.56B
, and MetaMask to make payments.
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PayPal’s CEO, Alex Chriss, said, “Businesses of all sizes face incredible pressure when growing globally, from increased costs for accepting international payments to complex integrations”. He added:
Today, we’re removing these barriers and helping every business of every size achieve their goals.
This update follows another recent announcement from the company. On July 23, PayPal shared plans to launch a new feature this fall called PayPal World. That platform is meant to connect local wallets to PayPal’s larger network, which includes billions of users worldwide.
Chriss described both updates as part of a plan to make online commerce easier and more open. He said the new tools are not just about payment processing, as they are also meant to help businesses grow, give buyers more choices, and lower costs.
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Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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