On September 25, PayPal announced a new feature, enabling its US merchants to buy, hold, and sell cryptocurrency directly from their PayPal business account.
This new feature is currently available for limited areas of the US. More importantly, the functionality for Business Accounts will not be available in New York State, at launch.
PayPal Business Account allows users to Buy, Hold, and Sell Cryptocurrency
Moreover, the company also provides the ability for business accounts in the US to externally transfer cryptocurrency on the chain to third-party eligible wallets. Consequently, this latest step by PayPal can increase the crypto utility by making increased functionality available to millions of US merchants.
“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.”
Now, PayPal business account holders can send and receive supported cryptocurrency tokens to and from external blockchain addresses.
In addition to this latest development, PayPal has continuously made significant improvements to increase cryptocurrency utilization.
In 2020, PayPal launched a new functionality for its customers to buy, hold, and sell cryptocurrency directly from their PayPal and Venmo accounts.
Moreover, the company announced the launch of the US dollar-denominated stablecoin, the PayPal USD (PYUSD), In 2023.
In April 2024, PayPal also enabled PYUSD as the funding instrument for its Zoom platform. It allows users to pay no transaction fees when using PYUSD to fund eligible transfers to friends and many family abords.
PayPal USD is available on Solana Blockchain
On May 29, 2024, PYUSD was available on the Solana blockchain. It provides users with the choice of multiple blockchains allowing for increased flexibility and control. Moreover, it makes PayPal USD stablecoin faster and cheaper to use.
