PayPal now supports cryptocurrency for US business account holders. According to an announcement by the fintech giant, the new services enable merchants to directly buy, hold, and sell digital assets through their PayPal business accounts.
However, this new functionality will not be available to businesses in New York at launch. PayPal’s decision to open cryptocurrency tools to businesses is in response to rising demand.
Additionally, the new addition allows US business account holders to transfer crypto on-chain to third-party wallets. This functionality allows merchants to send and receive cryptocurrency to and from external blockchain addresses, enhancing the ability to manage digital assets, according to the firm.
The rollout reflects PayPal’s broader goal to integrate cryptocurrency into mainstream business operations, a trend the company has been pushing for since 2020 when it first allowed consumers to manage crypto within PayPal and Venmo.
Over the last few years, PayPal has expanded its offerings, including launching its own stablecoin, PayPal USD (PYUSD), in 2023. This stablecoin is backed by US dollar reserves and is used as a funding instrument across PayPal’s ecosystem, including for international transfers on Xoom, a PayPal-owned platform.
Most recently, PYUSD was enabled on the Solana blockchain to give users flexibility by supporting multiple blockchain networks.
Expect ongoing updates as this story evolves.
Read the full article here
