1. Update for Business Users
2. Expanding Capabilities for Small Businesses
3. PayPal's Crypto Industry Background

PayPal has announced a major update, allowing U.S. businesses to buy, hold, sell, and transfer cryptocurrencies directly from their business accounts.

Update for Business Users

This new feature brings the same digital asset services that were available to individual users to business owners. However, the service will not be available for business accounts in New York State at launch.

Expanding Capabilities for Small Businesses

This move shows the increasing desire of the business people to engage in the use of digital currencies for business and investment. Jose Fernandez da Ponte, PayPal’s SVP of Blockchain, Cryptocurrency, and Digital Currencies said, “This new feature means that small business owners can engage with digital assets ‘frictionlessly.’"

PayPal's Crypto Industry Background

The update expands on PayPal’s earlier work in the crypto sector, such as the release of its own stablecoin, PayPal USD (PYUSD), in 2023. PYUSD pegged to USD deposits and US Treasuries can be used on PayPal and Venmo and for cross-border transactions through Xoom. With this new service, PayPal plans to consolidate its position in the digital currency market and help companies better manage their cryptocurrencies.

The new update unlocks a range of opportunities for business account holders, providing them access to cryptocurrency tools and fostering the use of digital assets in business.