PayPal Holdings Inc. has announced the launch of the ability for U.S. business accounts to buy, sell, and hold cryptocurrencies. This new feature expands the capabilities previously available only to consumers.
New Initiatives from PayPal
On September 25, 2024, PayPal Holdings Inc. announced that business account users in the USA, excluding New York, can directly buy, sell, and hold cryptocurrencies. This new feature also allows sending and receiving supported crypto tokens from external blockchain accounts. This follows the 2020 announcement where users could buy, hold, and sell cryptocurrencies directly through their PayPal and Venmo accounts. Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal, said, “Since we launched the ability for PayPal and Venmo consumers to buy, sell, and hold cryptocurrency in their wallets, we have learned a lot about how they want to use their cryptocurrency. Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers.”
PayPal Stock Price Update
At the time of writing, PayPal stock (PYPL) was trading at $77.36 with a trading volume of 13.46 million. The stock is showing progressive performance: up by 8% in a week, 26.36% YTD, and 32.69% in the past 52 weeks. According to TradingView data, PayPal has a market capitalization of $79.08 billion, making it the 238th most valuable company globally. In the latest quarters of 2024, the company reported earnings of $1.19 per share, approximately 20% higher than expected. For Q3 and Q4, the expected earnings per share are $1.06 and $1.09, respectively.
Cryptocurrency Market Updates
At the time of writing, the cryptocurrency market capitalization stood at $2.24 trillion with a nominal surge of 0.50%. The CoinMarketCap Fear and Greed Index was at 48, reflecting neutral sentiments. In recent sessions, Bitcoin prices have fluctuated between $61k and $64k. Analysts suggest that the steadiness in BTC prices indicates significant movements in the coming months. Over the past 24 hours, WorldCoin's price grew roughly 16%, placing it at the top of the gainers list, trading at $2.09 at the time of publishing.
New features from PayPal for business accounts in the USA and the latest updates in the cryptocurrency market underscore the importance and growing popularity of cryptocurrencies in today's economic landscape.
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