PayPal Enables Business Accounts to Buy, Hold, and Sell Cryptocurrency

Photo byPayPal

The company also provides business accounts with the ability to transfer cryptocurrency externally.

PayPal Holdings, Inc. announced it enables U.S. merchants to buy, hold and sell cryptocurrency directly from their PayPal business account. Business Accounts in New York State will not be able to use this function at this time.

Today's announcement is PayPal's latest step in increasing cryptocurrency's utility by making increased functionality available to millions of merchants in the U.S.

Since we launched the ability for PayPal and Venmo consumers to buy, sell, and hold cryptocurrency in their wallets, we have learned much about how they want to use their cryptocurrency. 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 -Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, PayPal.

Additionally, PayPal enables U.S. merchants to transfer cryptocurrency on the chain externally to third-party eligible wallets. PayPal business account holders can now send and receive supported cryptocurrency tokens to and from external blockchain addresses.

PayPal has continuously taken significant steps to increase cryptocurrency utilization. In 2020, PayPal announced that its customers could 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 enabled PYUSD as a funding instrument for our Xoom platform, allowing users to pay no transaction fees when using PYUSD to fund eligible transfers to friends and family abroad.

PYUSD was made available on the Solana blockchain. Users can choose multiple blockchains, allowing for increased flexibility and control.

About PayPal

PayPal makes moving money, selling, and shopping simple and secure. PayPal empowers consumers and businesses in 200 markets to join the global economy.

For more information, visit www.paypal.com. (NASDAQ: PYPL)

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Douglas Pilarski is an award-winning writer and journalist based on the West Coast. His writing resonates with those passionate about luxury goods, exotic cars, horology, tech, food, agriculture, lifestyle, historical events, equestrian and rodeo, and millionaire travel.

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