PayPal Holdings, Inc. (NASDAQ: PYPL) has announced that U.S. merchants can now buy, hold, and sell cryptocurrency directly from their PayPal business accounts. However, the new feature will not initially be accessible to merchants within New York State. It’s intended to improve the usage of cryptocurrencies, enhancing functionality for millions of businesses 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 a lot about how they want to use their cryptocurrency,” said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, PayPal. “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.”
Further, PayPal allows U.S. merchants to transfer cryptocurrency to third-party eligible wallets. It enables PayPal business account users to transact the supported tokens to and from other blockchain wallet transfer addresses, increasing their cryptocurrency engagement.
Cryptocurrency adoption has been a critical focus for PayPal since 2020 when the company allowed users through PayPal and Venmo cryptocurrency support to buy, sell, and hold cryptocurrencies. PYPL announced its U.S. dollar-backed PYUSD stablecoin in 2023, which was integrated as a funding option for cross-border payment through Xoom, PayPal’s payment remittance service. This year, PayPal has also expanded the use of PYUSD to the Solana blockchain, allowing users more versatility across two blockchain systems.
For more details, visit PayPal, About PayPal, or PayPal Investors.
