On Wednesday, PayPal announced that it is enabling US merchants to buy, hold and sell cryptocurrency directly from their business accounts. This new functionality aims to expand the use of digital currency and make it easier for users and merchants to deal with crypto assets in their businesses.
New Features Enable Easier Crypto Management
Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, highlighted the company’s commitment to understanding the needs of users with this new feature, which means:
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.
According to the company’s announcement, the demand of business owners for similar skills has led PayPal to expand its offerings with the aim of making it easier for merchants to navigate the digital currency landscape.
PayPal Launches Foreign Fund Transfers
Apart from basic operations, the company disclosed that it also allows merchants to transfer cryptocurrency to or from foreign wallets. This means that business account holders can send and receive supported crypto tokens to eligible third-party wallets.
PayPal has been at the forefront of integrating cryptocurrencies into its space. In 2020, the company made headlines by allowing customers to buy, hold, and sell cryptocurrencies through their PayPal and Venmo accounts.
This was followed by the launch of PayPal USD (PYUSD), a US dollar stablecoin, in 2023. The stablecoin has been integrated with the Xoom platform, allowing users to transfer money internationally without incurring transaction fees when using PYUSD.
Recently, the company expanded the reach of PYUSD by making it available on the Solana blockchain. However, it’s important to note that the latest feature that the company introduced on Wednesday will not be available to businesses operating in New York State when it launches.
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