Key Points
- PayPal now allows U.S. merchants to buy, hold, and sell cryptocurrency directly from their business accounts, significantly expanding the reach of crypto services to millions of businesses.
- Business account holders can now transfer cryptocurrency to external blockchain addresses, enhancing flexibility and integration with the broader crypto ecosystem.
PayPal Bridges the Gap Between Traditional Finance and Crypto for Businesses
In a groundbreaking move, PayPal Holdings, Inc. (NASDAQ: PYPL) announced today that it is extending its cryptocurrency services to U.S. business accounts. This expansion allows merchants to directly engage with digital currencies, marking a significant step in the company’s mission to increase cryptocurrency’s utility in the mainstream financial ecosystem.
Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal, stated, “Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers. We’re excited to meet that demand by delivering this new offering, empowering them to engage with digital currencies effortlessly.”
External Transfers Open New Possibilities
One of the most notable features of this rollout is the ability for U.S. merchants to transfer cryptocurrency to external blockchain addresses. This functionality allows businesses to send and receive supported cryptocurrency tokens to and from eligible third-party wallets, significantly enhancing the interoperability of PayPal’s crypto services with the broader blockchain ecosystem.
PayPal’s Ongoing Crypto Journey
This latest development is part of PayPal’s continued efforts to integrate cryptocurrency into its suite of financial services. The company’s crypto journey began in 2020 when it first allowed customers to buy, hold, and sell cryptocurrency through their personal PayPal and Venmo accounts.
In 2023, PayPal took another significant step by launching its own U.S. dollar-denominated stablecoin, PayPal USD (PYUSD). The stablecoin has since been integrated into various PayPal services, including the company’s Xoom platform for international transfers and expanded to multiple blockchains, including Solana.
As PayPal continues to bridge the gap between traditional finance and the cryptocurrency world, this latest move to include business accounts in its crypto services could potentially accelerate the adoption of digital currencies in everyday commerce.
