PayPal Holdings, Inc. (NASDAQ:PYPL) announced that it is giving its U.S. merchants the ability to buy, hold, and sell cryptocurrency directly from their PayPal business account. At launch, this feature for business accounts will not be available in New York State. Today’s announcement is PayPal’s latest move to increase the utility of cryptocurrency by making expanded functionality available to millions of merchants in the U.S.
“Since we launched the ability for PayPal and Venmo consumers to buy, sell, and store cryptocurrency in their wallets, we’ve learned a lot about how they want to use their cryptocurrency,” said Jose Fernandez da Ponte, senior vice president of blockchain, cryptocurrency, and digital currencies at PayPal. “Business owners have increasingly expressed a desire for the same cryptocurrency experiences available to consumers. We’re excited to meet that demand with a new offering that makes it easy for them to interact with digital currencies.”
Additionally, PayPal is giving U.S. merchants the ability to externally transfer cryptocurrency across the network to eligible third-party wallets. PayPal business account holders can now send and receive supported cryptocurrency tokens to and from external blockchain addresses.
PayPal has been making significant strides to increase the adoption of cryptocurrency. In 2020, PayPal announced the ability for its customers to buy, hold, and sell cryptocurrency directly from their PayPal and Venmo accounts. In 2023, PayPal announced the launch of a U.S. dollar-denominated stablecoin, PayPal USD (PYUSD). In April 2024, we made PYUSD available as a funding tool for our Xoom platform, allowing users to avoid transaction fees when using PYUSD to fund eligible transfers to friends and family abroad. Most recently, PYUSD became available on the Solana blockchain, giving users multiple blockchains to choose from, allowing for increased flexibility and control.
The article was translated using AI.
