PayPal Holdings, Inc. (NASDAQ: PYPL) has enabled its US 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 said.
JUST IN: PayPal now allows you to buy, hold and sell business accounts #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’ve learned a lot about how they want to use their cryptocurrency,” said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency and digital currency at PayPal. “Business owners have increasingly expressed a desire for the same cryptocurrency options available to consumers. We are excited to meet that demand by delivering this new offering, making it effortless for them to interact with digital currencies.”
In addition to buying and selling, US merchants can now also transfer cryptocurrency externally to third-party wallets. This new functionality further increases the flexibility of crypto transactions for businesses.
PayPal’s expansion to offer 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 the US dollar-backed stablecoin, PayPal USD (PYUSD), in 2023.