PayPal Holdings, Inc. (NASDAQ: PYPL) has enabled US business account holders to buy, hold, and sell cryptocurrency based on its property, such as Bitcoin, directly from their PayPal accounts. While the service is available nationwide, it won’t be available in New York State at launch, PayPal said.
“Since introducing the ability for PayPal and Venmo consumers to buy, sell, and hold cryptocurrency in their wallets, we’ve learned a lot about how they want to spend their cryptocurrency,” said Jose Fernandez da Ponte, Senior Vice President of Blockchain. Cryptocurrency, and Digital Currencies on PayPal. “Business owners have continued to express a desire for the same cryptocurrency capabilities available to consumers. We are excited to meet that need by delivering this new offering, empowering them to interact with digital currencies with ease.”
In addition to buying and selling, US merchants can now transfer cryptocurrency to third-party wallets. This new functionality also increases the flexibility of crypto transactions for businesses.
PayPal’s expansion into offering businesses the ability to buy and hold Bitcoin and crypto on its platform builds on its growing digital currency offerings. These include the launch of crypto consumer services in 2020 and the launch of a stablecoin backed by the US dollar, PayPal USD (PYUSD), in 2023.