PayPal Holdings, Inc., an American multinational financial technology company, has announced that it will enable its US merchants to buy, hold, and sell crypto assets directly from their PayPal Business Account.
According to the press release, this new service will be available to all Paypal Business Accounts in the US, except for those in New York state.
PayPal Permits Business Account Holders In The US To Buy, Hold, And Sell Crypto
On Wednesday, September 25, 2024, PayPal released a statement where the financial company announced that its US merchants will now be allowed to buy, hold, and sell digital assets directly from their business accounts.
Paypal mentioned that this move is its latest step towards increasing crypto functionality and utility by increasing its availability to millions of its merchants in the US. The finance company, however, added that the service would not be available to business account holders in New York State and did not state when it would be available.
While this is a new service for PayPal Business Accounts, it has been available to retail users via PayPal and Venmo accounts for several years now.
PayPal has enabled its retail users to buy, hold, and sell crypto assets directly from their accounts since 2020. Last year, in May, the leading payment service provider launched PayPal USD (PYUSD), its USD-denominated stablecoin, on the Solana blockchain.
That company said that PYUSD will enable its users to fund purchases by choosing the stablecoin at checkout. It added that users can convert any of the supported crypto assets to and from PYUSD.
The senior VP of blockchain, cryptocurrency, and digital currencies at PayPal, Jose Fernandez da Ponte, said that the payments giant just saw the growing desire from business owners also to buy, hold, and sell digital assets in their accounts, and this can potentially open up a larger market for Paypal.
“We’re excited to meet that demand by delivering this new offering, empowering them to engage with digital currencies effortlessly,” Jose said.
According to the statement, PayPal will also enable US business accounts to “externally transfer” crypto assets to third-party wallets.
PayPal’s Continuous Move Towards Increasing Crypto Utilization
PayPal has ceaselessly taken significant steps to increase crypto utilization. As stated by the company, this recent move was also taken.
To increase cryptocurrency’s utility by making increased functionality available to millions of merchants in the US.
In 2020, the payment company made buying, holding, and selling crypto assets possible for its retail customers directly from their PayPal and Venmo accounts. Three years later, the company launched its US dollar-denominated stablecoin, PYUSD.
In April 2024, PYUSD was added as a funding instrument on Xoom, enabling customers to fund “eligible” transfers to friends and family abroad using PYUSD without paying any transaction fees.
Most recently, Paypal Business Account holders in the US can now buy, hold, and sell crypto assets right from their accounts. If you are in the US (excluding New York), here is how you can easily buy Bitcoin directly on PayPal’s website.
