PayPal has announced a significant update, allowing U.S. businesses to buy, hold, sell, and transfer cryptocurrencies directly from their business accounts. This marks an important shift, as these services were previously available only to individual users.
The new feature enables merchants to manage digital assets more seamlessly, with the ability to withdraw or deposit cryptocurrencies to and from other wallets. This added flexibility is expected to benefit companies looking to diversify their handling of digital currencies outside of PayPal’s platform.
“This new feature allows small business owners to engage with digital assets frictionlessly,” said Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies.
Notably, the service will not be available for business accounts in New York State at launch, but it signals the growing interest in digital currencies among business owners for both commercial and investment purposes.
PayPal has been steadily increasing its presence in the cryptocurrency space. In 2023, it launched its own stablecoin, PayPal USD (PYUSD), which is pegged to U.S. dollar deposits and U.S. Treasury reserves. PYUSD can be used for transactions on PayPal, Venmo, and Xoom, including cross-border payments.
This latest update underscores PayPal’s ambition to cement its role in the digital currency ecosystem, offering businesses more control over their crypto assets and facilitating broader adoption of cryptocurrencies for commerce.
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