New York, Thursday, September 26, 2024-PayPal has announced a major expansion in its cryptocurrency services, allowing U.S. business accounts to buy, sell, hold, and transfer digital assets.
PayPal’s announcement can be reached here.
The move, part of PayPal’s growing digital presence, will soon enable millions of merchants across the United States to use cryptocurrencies more freely in their transactions. However, the service will not be available to business accounts based in New York State upon launch.
This latest development follows PayPal’s previous forays into digital assets, including the 2020 decision to allow PayPal and Venmo users to hold cryptocurrencies and the 2023 launch of its U.S. dollar-pegged stablecoin, PYUSD. The stablecoin, available on Ethereum and Solana blockchains, currently has a supply of around $350 million.
PayPal Senior Vice President Jose Fernandez da Ponte said the expansion comes in response to growing demand from business owners for the same crypto capabilities available to consumers. “We’ve learned a lot from our customers, and we’re excited to meet the needs of business owners who want to engage with digital currencies effortlessly,” he stated.
The payment platform will also allow U.S. merchants to transfer crypto to third-party eligible wallets and receive supported tokens from external addresses, further enhancing crypto’s utility in the business sector.
