1. New Feature for Business Accounts
2. Demand from Business Community
3. Cryptocurrency Transfers to Third Parties

PayPal has announced the launch of a new feature for U.S. business accounts, allowing them to buy, hold, and sell cryptocurrencies.

New Feature for Business Accounts

PayPal has added a new feature that enables business accounts in the U.S. to purchase, store, and sell digital currencies. This feature follows the successful introduction of similar services for individual consumers in 2020. Users in New York State will not be able to access the service at launch due to regulatory restrictions.

Demand from Business Community

The development of this new feature was prompted by increasing demands from business owners who have called for the same cryptocurrency capabilities available to individual consumers. Previously, such services were only available to individual users through PayPal and Venmo.

Cryptocurrency Transfers to Third Parties

Additionally, PayPal will allow business accounts to send cryptocurrency to other third-party eligible wallets, increasing the versatility of companies regarding their digital resources. Business account holders can now execute external transfers, enabling the use of blockchain-based transactions.

The launch of PayPal's new feature for business accounts represents a significant step in expanding the use of cryptocurrencies in commerce. This development allows entrepreneurs to manage their digital assets more efficiently and engage with new financial instruments.