PayPal announced that U.S. business account holders can now buy, sell, and hold cryptocurrencies, excluding merchants in New York.

Expanding Cryptocurrency Utility

PayPal's new initiative aims to enhance the utility of cryptocurrencies by making these functionalities available to a broader audience of merchants. Jose Fernandez da Ponte, PayPal's Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, noted that the company has been closely observing consumer behaviors since launching crypto services for personal accounts.

A History of Crypto Innovations

PayPal first introduced crypto services for personal accounts in 2021, allowing users to buy, hold, and sell cryptocurrencies directly through PayPal and Venmo. In 2023, PayPal launched its U.S. dollar-denominated stablecoin, PayPal USD (PYUSD), designed to facilitate seamless digital transactions.

Availability and Security

Additionally, the company has enabled U.S. merchants to transfer cryptocurrencies to and from third-party eligible wallets. With this, PayPal aims to meet the growing demand for cryptocurrency capabilities among business owners and provide convenient solutions for digital currency transactions.

By expanding its cryptocurrency capabilities, PayPal aims to meet the demands of businesses and make using digital currencies simple and accessible.