Paypal has unveiled a new feature that allows US merchants to buy, hold, and sell cryptocurrency from their business accounts. While not yet available in New York, the move comes in response to growing demand from businesses. Paypal has been steadily increasing its involvement in digital currencies, including the launch of Paypal USD (PYUSD) and integration with the Solana blockchain for greater transaction flexibility.
Paypal Expands Cryptocurrency Functionality for US Businesses
Payments giant Paypal announced on Wednesday that US merchants can now buy, hold and sell cryptocurrency directly from their business accounts. The latest move aims to expand cryptocurrency functionality to millions of businesses across the US, although the feature is not currently available in New York State.
According to Paypal's senior vice president of blockchain, Jose Fernandez da Ponte, the decision was made after observing growing demand from business owners for cryptocurrency services similar to what is already available to individual consumers. He stated:
Business owners are increasingly expressing a desire to offer similar cryptocurrency features to consumers.
The company has further expanded the service to allow business account holders to transfer cryptocurrencies off-chain to third-party wallets, expanding the use case for digital currency transactions between U.S. merchants.
Paypal has been increasing its involvement in the cryptocurrency space over the past few years. In 2020, the company launched a service that allows users to buy, hold, and sell cryptocurrencies through Paypal and Venmo. In 2023, the company introduced a stablecoin called Paypal USD (PYUSD), and in April, PYUSD was integrated with Paypalâs Xoom platform to facilitate free international money transfers. Most recently, Paypal expanded the availability of PYUSD to the Solana blockchain, further increasing flexibility for users.
What do you think about Paypal enabling cryptocurrency transactions for US businesses? Let us know in the comments below.
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