PayPal, a leading online payments platform, has announced a significant expansion of its cryptocurrency services. Starting today, U.S. merchants using PayPal Business Accounts will be able to buy, hold, and sell cryptocurrency directly within their accounts.
This new feature builds upon PayPal’s existing cryptocurrency offerings, which were initially introduced to consumers in 2020. By enabling businesses to engage with digital currencies, PayPal aims to further increase the utility and adoption of cryptocurrencies.
“Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers,” said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal. “We’re excited to meet that demand by delivering this new offering, empowering them to engage with digital currencies effortlessly.”
In addition to buying, holding, and selling cryptocurrency, PayPal Business Account holders will also be able to transfer supported cryptocurrency tokens to and from external blockchain addresses. This functionality allows businesses to interact with other cryptocurrency platforms and applications.
PayPal has been at the forefront of cryptocurrency adoption, launching its own stablecoin, PayPal USD (PYUSD), in 2023. The company has also expanded the availability of PYUSD to the Solana blockchain, providing users with more flexibility and choice.
