In a significant development for the digital payment landscape, PayPal has officially rolled out features allowing businesses in the United States to buy, sell, and hold cryptocurrencies directly through their business accounts. This functionality is now accessible in 49 states, with New York being the only exception.
This initiative represents another stride into the realm of digital assets for PayPal, further enhancing the potential for cryptocurrency adoption across the nation.
PayPal Enhances Crypto Capabilities for U.S. Merchants
Few traditional financial institutions have embraced cryptocurrency as fervently as PayPal. Earlier this year, the platform introduced its own stablecoin, PYUSD, and is now taking a bold step forward by enabling U.S.-based companies to engage with cryptocurrencies.
In a recent press release, Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain and Crypto, highlighted that this decision was driven by a surge in demand from business owners. “Since we launched the ability for PayPal and Venmo users to manage cryptocurrency in their wallets, we have gained valuable insights into their preferences,” da Ponte stated. “Business owners have increasingly sought similar cryptocurrency functionalities as those available to consumers. We are thrilled to respond to this demand by providing them with this new capability, allowing them to interact with digital currencies with ease.”
Additionally, PayPal has announced that U.S. merchants will now be able to transfer cryptocurrency externally on-chain to eligible third-party wallets. Business account holders can send and receive supported cryptocurrency tokens to and from external blockchain addresses, further expanding their engagement with the digital currency ecosystem.
