PayPal Holdings, Inc. (NASDAQ: PYPL) has enabled its U.S. business account holders to buy, hold, and sell cryptocurrency supported on its platform, such as Bitcoin, directly from their PayPal accounts. While this service is available nationwide, it will not be available in New York State at launch, PayPal stated.
JUST IN: PayPal now enables business accounts to buy, hold and sell #Bitcoin and crypto. pic.twitter.com/mIujzhrtiF
— Bitcoin Magazine (@BitcoinMagazine) September 25, 2024
“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 at 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.”
In addition to buying and selling, U.S. merchants can now externally transfer cryptocurrency to third-party wallets. This new functionality further increases the flexibility of crypto transactions for businesses.
PayPal’s expansion into offering businesses the ability to buy and hold Bitcoin and crypto on its platform builds on its growing digital currency initiatives. This includes the launch of consumer crypto services in 2020 and the introduction of its U.S. dollar-backed stablecoin, PayPal USD (PYUSD), in 2023.