PayPal now allows U.S. merchants to buy, hold, and sell cryptocurrency in their business accounts

From Investing.com

September 25, 2024 3:16:07 PM:

PayPal is now allowing U.S. merchants to buy, hold, and sell cryptocurrency directly from their PayPal business account. This functionality will not be available in New York State at launch, but it marks a significant move to increase cryptocurrency’s utility for millions of merchants in the U.S.

Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal, stated that business owners have shown a desire for the same cryptocurrency capabilities as consumers. This new offering aims to fulfill that demand and allow business owners to easily engage with digital currencies.

In addition to buying, holding, and selling cryptocurrency, PayPal is now enabling U.S. merchants to transfer cryptocurrency on chain to third-party eligible wallets. This move further expands the capabilities of PayPal business account holders when it comes to interacting with supported cryptocurrency tokens.

PayPal has been making strides to enhance cryptocurrency’s usability, starting with allowing customers to buy, hold, and sell cryptocurrency from their PayPal and Venmo accounts in 2020. The company also introduced a U.S. dollar-denominated stablecoin, PYUSD, in 2023, followed by making PYUSD available on the Solana blockchain for increased flexibility and control.

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