PayPal Allows US Merchants to Send Bitcoin to External Wallets

The digital payments giant announced that merchants will be able to trade crypto assets directly from their accounts.

The company seeks to meet the demand of its customers.

Merchants can also send and receive cryptocurrencies to and from external wallets

PayPal announced that merchants in the United States can buy, accumulate and sell cryptocurrencies directly from their business accounts on the platform. This expansion is part of the company's strategy to "increase the utility" of cryptocurrencies.

The service, which is already available in the United States, except in New York City, allows PayPal business account holders to interact with cryptocurrencies, as detailed by the company in a statement.

Business owners have increasingly expressed their desire to have the same cryptocurrency capabilities available to consumers," said José Fernández da Ponte, senior vice president of Blockchain, Cryptocurrencies and Digital Currencies at PayPal.

According to the company, this move expands the functionalities that PayPal already offered to consumers since 2020, when it allowed its customers to buy, hold and sell cryptocurrencies through its platforms, both PayPal and Venmo. Now, merchants can also transfer their bitcoins and other cryptocurrencies externally to compatible third-party wallets, thus increasing flexibility and control over their digital assets.