PayPal has introduced new “purchase, retain, and sell” Bitcoin and crypto features for business accounts. This functionality is accessible to merchants in the United States, with the exception of residents of the State of New York.
PayPal has announced the introduction of a new feature that is exclusively designed for merchants in the United States.
Currently, US merchants will have the ability to purchase, retain, and sell Bitcoin and cryptocurrencies directly from their PayPal business account.
The recently introduced function for commercial accounts will not be accessible in the State of New York at this time.
PayPal has introduced this feature to business accounts, in addition to its existing functionality for end consumers.
PayPal provides additional benefits to business accounts in addition to the new feature that allows them to purchase, retain, and sell Bitcoin and crypto.
In reality, it appears that PayPal permits US merchants to externally transfer cryptocurrencies to eligible third-party wallets.
In other words, PayPal business account holders can now send and receive approved cryptocurrency tokens to and from external blockchain addresses.
PayPal has made another stride towards the widespread adoption of cryptocurrencies with this announcement. In 2020, the digital payments colossus announced that its customers would be able to purchase, retain, and sell cryptocurrencies directly from their PayPal and Venmo accounts. This marked the beginning of a journey.
Additionally, PayPal became so engrossed in the cryptosphere that it introduced its own stablecoin, PayPal USD (PYUSD), which is pegged to the dollar.
The Xoom platform subsequently enabled PYUSD as a financing tool in April 2024, enabling users to avoid paying any transaction fees when using PayPal’s stablecoin to finance eligible remittances to friends and family abroad.
Furthermore, the Solana blockchain has recently incorporated the PYUSD, allowing users to select from a variety of blockchains in order to enhance their control and flexibility.
The collaboration with Ethereum Name Service (ENS) is among the most recent developments in the crypto and PayPal industries.
In practice, PayPal and Venmo have reached an agreement to incorporate ENS blockchain domains for their customers. In reality, PayPal and Venmo users will now be able to input their ENS address when transferring cryptocurrency.
The platform will now be able to identify the address of the crypto wallet associated with the user’s ENS identity, which is an additional endeavour by PayPal to support the adoption of crypto.
The crypto community recognises ENS for its ability to provide Ethereum users with a human-readable and straightforward name, as opposed to the traditional lengthy and alphanumeric blockchain address that is associated with their crypto wallet.
