PayPal to Give U.S. Business Customers the Ability to Buy, Hold, and Sell Cryptocurrency

PayPal, along with its Venmo app, began offering cryptocurrency management services to everyday users back in 2020. Since then, the company has been actively developing its cryptocurrency capabilities, integrating them into its core financial operations. As Jose Fernandez da Ponte, senior vice president of blockchain and digital currencies at PayPal, noted, the company has gained valuable insights into how users want to use their cryptocurrencies and has come to the conclusion that business customers also need similar features.

PayPal business accounts will now be able to not only transact with cryptocurrency, but also transfer it to external blockchain wallets. This expands the boundaries of cryptocurrency use for businesses, allowing for more flexible interaction with digital assets.

Last month, PayPal partnered with the Crypto.com platform, which gave users the ability to make cryptocurrency purchases. In addition, PayPal’s own stablecoin, PYUSD, has become available on several major exchanges, such as Bitstamp, Coinbase, and Kraken.

Launched in 2023, PYUSD, a stablecoin issued by the American company Paxos Trust, has a high level of security and compliance. It was originally created on the Ethereum blockchain, but has recently been made available on the Solana blockchain, increasing its flexibility. Notably, PYUSD volume on Solana has already exceeded that of Ethereum. PayPal to Give US Business Customers the Ability to Buy, Hold, and Sell Cryptocurrency PayPal is expanding its business capabilities by opening access to cryptocurrency transactions through business accounts, with the exception of New York State.

International payment company PayPal has announced that business account holders in the US will now be able to directly buy, hold, and sell cryptocurrency through their accounts. The move responds to growing demand among entrepreneurs for cryptocurrency solutions previously available only to consumers. However, this feature will not be available in New York State.

PayPal, as well as its Venmo app, began offering cryptocurrency management services to regular users back in 2020. Since then, the company has been actively developing its cryptocurrency capabilities, integrating them into mainstream financial transactions. As José Fernandez da Ponte, Senior Vice President of Blockchain and Digital Currencies at PayPal, noted, the company has gained valuable insights into how users want to use their cryptocurrencies and has come to the conclusion that business customers also need similar features.

Now, PayPal business accounts will be able to not only transact with cryptocurrency, but also transfer it to external blockchain wallets. This expands the boundaries of cryptocurrency use for businesses, allowing for more flexible interaction with digital assets.

Last month, PayPal partnered with the Crypto.com platform, which gave users the ability to make cryptocurrency purchases. In addition, PayPal’s own stablecoin, PYUSD, has become available on several major exchanges, such as Bitstamp, Coinbase, and Kraken.

Launched in 2023, PYUSD, a stablecoin issued by the American company Paxos Trust, has a high level of security and compliance. It was originally created on the Ethereum blockchain, but has recently been made available on the Solana blockchain, increasing its flexibility. Notably, PYUSD volume on Solana has already surpassed that of Ethereum.