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PayPal announces its virtual currency Settlement service "Pay with Crypto"
On the 28th, PayPal announced a new cryptocurrency payment service called "Pay with Crypto." This service supports over 100 cryptocurrencies and reduces transaction fees by up to 90% compared to international credit card processing.
"Pay with Crypto" is expected to be launched for US operators within a few weeks.
The new service connects businesses and merchants to the $3 trillion virtual currency market, allowing for instant conversion of virtual currencies into stablecoins and fiat currencies. It supports major wallets like Coinbase and MetaMask, enabling access to over 650 million virtual currency users worldwide.
CEO Alex Chris stated in a statement, "We want to eliminate the high costs of international payments and the barriers to complex integrations that companies of all sizes face." The transaction fee is set at 0.99%, which will improve operators' profit margins and enable immediate access to revenue.
The service supports major cryptocurrencies such as Bitcoin, Ethereum, USDT, XRP, BNB, and Solana. It is also possible to connect wallets from Coinbase, OKEx, Binance, Kraken, Phantom, MetaMask, and Exodus.
PayPal entered the cryptocurrency business in 2020 and issued its own stablecoin "PYUSD" in 2023. Currently, PYUSD has a market capitalization of approximately $900 million, making it the 12th ranked stablecoin.