PayPal is now making it possible for US businesses to buy, hold, and sell cryptocurrency directly from their PayPal Business Accounts, except for businesses in New York state. This comes after assessing the positive response from PayPal and Venmo users towards these features.
According to Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal, business owners have shown an increasing interest in having access to the same cryptocurrency capabilities that consumers have. In response, PayPal launched this new offering which also allows US businesses to transfer crypto on-chain to eligible third-party wallets. This will enable businesses to freely send and receive crypto tokens to and from external blockchain addresses, reflecting an era of enhanced business-crypto engagement.
PayPal has been taking active strides in cryptocurrency offerings. Last month, the company partnered with Crypto.com, paving the way for its users in the US to buy cryptocurrencies by linking their PayPal and Crypto.com wallets. This feature aims to extend its reach beyond the United States soon.
Further, as part of its blockchain integrations, PayPal teamed up with Solana, the high-speed blockchain network, to integrate its own stablecoin, PYUSD, into the platform. This move is in line with PayPal’s goal of promoting a digital currency with a stable value purpose-built for commerce and payments.
Moreover, it broadened the reach of PYUSD by partnering with Singapore-based payment solutions provider, TripleA. As a result, TripleA’s merchants can now accept PayPal’s stable coin PYUSD, growing the coin’s utility and reach.