Key Takeaways:
- PayPal expands cryptocurrency services to U.S. business accounts, allowing them to buy, hold, and sell crypto.
- Businesses can transfer cryptocurrencies to external third-party wallets, except in New York State.
- PayPal’s stablecoin, PYUSD, achieved a $1 billion market cap by 2024.
PayPal has expanded its cryptocurrency offerings to U.S. business account holders, allowing them to buy, hold, and sell cryptocurrencies directly from their accounts.
This move comes after growing demand from business owners who sought the same crypto features available to individual users since 2020.
JUST IN: PayPal now enables business accounts to buy, hold and sell #Bitcoin and crypto. pic.twitter.com/mIujzhrtiF
— Bitcoin Magazine (@BitcoinMagazine) September 25, 2024
According to Jose Fernandez da Ponte, PayPal’s senior vice president for blockchain and crypto, businesses have increasingly requested these capabilities.
U.S. merchants will also be able to transfer cryptocurrencies externally to eligible third-party wallets.
However, this service will not initially be available for businesses in New York State.
PayPal, which holds a BitLicense and trust license from the New York Department of Financial Services, previously introduced its own stablecoin, PayPal USD (PYUSD), which reached a $1 billion market cap by 2024.
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Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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