In another effort to expand its presence in digital assets, PayPal announced plans to enable U.S. business customers to buy, sell, hold, and transfer cryptocurrencies.

"Today's announcement is PayPal's latest step to increase cryptocurrency's utility by making increased functionality available to millions of merchants in the U.S.," the company said, adding that when the service launches, it will not be available to business accounts based in New York State.

"Since we launched the ability for PayPal and Venmo consumers to buy, sell, and hold cryptocurrency in their wallets, we have learned a lot about how they want to use their cryptocurrency," PayPal Senior Vice President Jose Fernandez da Ponte said in a statement. "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, empowering them to engage with digital currencies effortlessly."

PayPal also said it would allow U.S. merchants to transfer cryptocurrency to "third-party eligible wallets" and receive "supported" tokens from external addresses.

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