Morning Minute | PayPal Opens Crypto to Businesses

TylerD's Market Summary

💸 PayPal Enables U.S. Businesses to Manage Crypto

PayPal serves over 35M global merchants, processing $1.53T in transactions.

Now they are enabling those millions of merchants to accept crypto payments.

What Happened?

Yesterday, PayPal announced that U.S. business accounts can now buy, hold, and sell crypto directly within their PayPal accounts.

This update builds on PayPal’s previous offerings, which allowed individual consumers to manage crypto.

Additionally, PayPal is enabling merchants to transfer supported cryptocurrencies to and from external wallets, enhancing flexibility and utility for business owners.

In the announcement, PayPal also mentions its signficant work with its stablecoin PYUSD, allowing no transaction fees when sending PYUSD transfers along with their move to Solana to go multi-chain.

What Are They Saying?

Jose Fernandez da Ponte, SVP of Blockchain, Cryptocurrency, and Digital Currencies at PayPal, commented:

“Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers. We're excited to meet that demand by delivering this new offering.”

Why It Matters

Not many businesses accept crypto as payment.

The infrastructure simply hasn't been there (let alone the desire to accept it).

That's starting to change.

Stripe is working to enable crypto payments for its businesses, and now PayPal is throwing its hat in the ring.

The more feasible it is for crypto holders to spend their crypto on IRL goods and services, the less they'll need to cash out to fiat.

And that's a big deal.

It's a benefit for businesses as well, once infrastructure is there. Transaction fees are significantly less on crypto transactions than traditional credit card payments.

Win win.

Win...

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• Ethereum led NFT trading volume with $3.4M on the day; Bitcoin was next with $1.9M, and then Solana with $1.7M
• ETH NFT leaders were red; Punks -2% at 28 ETH, Pudgy -3% at 10.3, BAYC -1% at 11.6 ETH, Azuki even at 5.69
• Remnants (+50%) and The Currency (+14%) were notable top movers
• BTC NFT leaders were mostly red; NodeMonkes -10% at 0.19 BTC, Puppets -4% at 0.117 BTC, OMB -10% at 0.187, Quantum Cats -4% at 0.265; Runestones led +15% to 0.0078
• The Runes leaders were very green with DOG +20% at $351M mc, RSIC +5% at $64M mc, PUPS +23% at $57M
• Solana NFTs were also mostly red on the day; Mad Lads -4% at 48 SOL, SMB Gen 2 -2% at 24.8, DeGods +2% at 17.2 SOL, Claynos -9% at 11.7
• Bored Apes partnered with the MLB and Improbable for a major league baseball metaverse experience
• Pudgy Penguins partnered with the CD Castellon soccer club to feature Pudgy's on their official jerseys
• Doodles teased their 3rd and final release from the Dullsville and the Doodleverse soundtrack coming this Friday

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token, protocol and/or airdrop news from the day:

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are slightly green this morning; BTC +1% at $64,400; ETH +0.5% at $2,640, SOL +1% at $153; WLD (+18%) and ENA (+16%) led alts 
• Memecoin majors were very green with DOGE +4%, SHIBA +12%, PEPE +8%, WIF +12%, BONK +5%, POPCAT +3%, and MOG +15%
• MOODENG reached a $120M after being featured in another Beeple Everyday, and its beta PESTO jumped 250% on the day to $23M after features from Walmart, the NY Post and Beeple.
• a16z made its first investment in the 'DeSci' sector (Decentralized Science) in a biobank platform called AnimoChain
• Infinex raised $65M for its DEX via its Patron Sale

🚀 Memecoin Movers 

• $PESTO (+260%, $23M market cap, SOL)
• $BILLY (+41%, $61M market cap, SOL)
• $MOTHER (+40%, $138M market cap, SOL)
• $MOODENG (+38%, $122M market cap, SOL
• $TRUMP (+38%, $123M market cap, ETH)

📈 NFT Floor Price Increase (ETH)

• Yogurt Verse (120%, 0.6 ETH Floor)
• REMNANTS (50%, 9 ETH)
• L3E7 (45%, 3.5 ETH)
• Pudgy Puppets (38%, 0.02 ETH)
• Projet AEON (30%, 0.18 ETH)

🗓 Upcoming Mints and Events

Today is a slower day of new mints, mostly focused in art.

Linda Dounia is doing her "Once Upon a Garden" drop on ETH and the Canal Street Show begins today.

See the full list and dive in for more details with Swizzy's daily mint monitor. 

• Space Mavericks (9:00 a.m. ET)
• nodinoBtc (10:00 a.m. ET)
• Lammetje - Dare (11:00 a.m. ET)
• Linda Dounia - Once Upon a Garden (1:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.d.warner@gmail.com.