🚨BREAKING: PayPal enables 30M US merchants to buy, sell & hold crypto

Sep 26, 2024

What you need to know:

30M U.S. business accounts can now buy, sell, hold, and transfer crypto
Supported are Bitcoin, Ethereum, and PayPal's own PYUSD stablecoin
External wallet transfers are now possible, expanding utility beyond PayPal's ecosystem

The most interesting thing?

PYUSD is now available on the Solana blockchain.

Essentially, PayPal has created a stablecoin (PYUSD) that integrates across its ecosystem, including Venmo.

This enables, for example:

You can swap your SOL for PYUSD in the Phantom app, and send it to your Venmo account on the Solana network, and then sell it for USD 1:1.

Without any fees. 🤯

Even better: You can use your Venmo debit card to spend it.

This is the easiest, quickest and cheapest way to off ramp funds atm.

(Venmo is owned by PayPal).

It doesn't stop there:

Businesses can use this for near instantaneous, zero-fee international transactions.

SWIFT transfers take 1-5 business days.

Yes, BUT: 🤔

You might be thinking:

This still takes more steps than just using a Visa card.

But soon, these complexities will disappear.

This is a massive expansion of crypto utility in the business sector:

Will crypto become a mainstream payment method?

What's your take?

– Marc

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