PayPal will soon roll out functionality to allow businesses to accept over one hundred cryptocurrencies, the company has revealed. Reportedly, merchants will soon be able to accept Bitcoin, Ethereum, USDT, USDC, and many more, with the option set to go live in the coming weeks.
In terms of how it will work, when a consumer opts to pay for goods or services using cryptocurrency, the funds will automatically be converted into either fiat currency or PayPal’s own PYUSD stablecoin, before being deposited in the merchant’s account. Supposedly, transactions will settle immediately.
With job losses spiraling in the retail sector, this news will be warmly greeted by the small business community. By opening up a growing and potentially lucrative new customer base, it hands merchants a vital lifeline. At the same time, crypto advocates will be pleased by the backing of a major payments provider after a mixed year in fortunes.
