PayPal Holdings, Inc. (NASDAQ: PYPL) has activated the ability for its U.S. business account holders to purchase, hold, and trade cryptocurrencies that are supported on its platform, including Bitcoin, directly through their PayPal accounts. Although this service is accessible nationwide, PayPal has noted that it will not be available at launch in New York State.
“Since we introduced the option for PayPal and Venmo users to buy, sell, and store cryptocurrency in their wallets, we’ve gained invaluable insights into their preferences regarding cryptocurrency usage,” stated Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal. “Business owners have increasingly shown interest in having the same cryptocurrency functionalities as consumers. We are thrilled to address this demand by offering this new capability, enabling them to engage with digital currencies with ease.”
Beyond purchasing and selling, U.S. merchants can now transfer cryptocurrency externally to third-party wallets. This added feature significantly enhances the flexibility of crypto transactions for businesses.
PayPal’s venture into allowing businesses to buy and hold Bitcoin and other cryptocurrencies on its platform builds upon its expanding digital currency initiatives. This encompasses the introduction of consumer crypto services in 2020 and the launch of its U.S. dollar-pegged stablecoin, PayPal USD (PYUSD), in 2023.
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