PayPal Introduces Cryptocurrency Capabilities for Business Accounts

On Sep 26, 2024

On September 25, 2024, PayPal Holdings, Inc. (NASDAQ: PYPL) announced that it will now allow U.S. business account holders to buy, hold, and sell cryptocurrency directly from their PayPal accounts. However, this feature will not initially be available to businesses located in New York State. This development is part of PayPal’s ongoing efforts to enhance the utility of cryptocurrencies by expanding functionality for millions of merchants across the United States.

PayPal’s Continued Commitment to Cryptocurrency Innovation

PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, Jose Fernandez da Ponte, emphasized that feedback from users had been instrumental in shaping this new feature. “Since we introduced the ability for consumers to buy, sell, and hold cryptocurrency on PayPal and Venmo, we’ve gained valuable insights into how they prefer to use their cryptocurrency,” Fernandez da Ponte said. “Business owners have shown a growing interest in the same cryptocurrency options available to consumers, and we are pleased to offer this service to meet that demand, making it easier for them to interact with digital currencies.”

In addition to offering businesses the ability to manage cryptocurrency within their PayPal accounts, PayPal is also enabling U.S. merchants to transfer cryptocurrency externally. Businesses can now send and receive supported cryptocurrencies on-chain, interacting with third-party wallets via their PayPal business accounts.

PayPal has steadily increased its involvement in the cryptocurrency space. Back in 2020, the company introduced the option for customers to buy, hold, and sell cryptocurrency using their PayPal and Venmo accounts. Then in 2023, PayPal launched its own U.S. dollar-pegged stablecoin, PayPal USD (PYUSD). More recently, in April 2024, PayPal made PYUSD usable as a funding option for its Xoom platform, enabling users to send money abroad without transaction fees when using PYUSD. Furthermore, PayPal has made PYUSD available on the Solana blockchain, offering users flexibility by allowing them to choose between multiple blockchains for their transactions.

Understanding PayPal USD (PYUSD)

PayPal USD is a stablecoin issued by Paxos Trust Company, a chartered limited purpose trust company that is licensed by the New York State Department of Financial Services to conduct Virtual Currency Business Activity. The stablecoin is fully backed by U.S. dollar reserves, which include deposits, U.S. Treasuries, and similar cash equivalents. PayPal USD maintains a fixed value of $1.00 per unit and is available for purchase and sale through PayPal and Venmo.

JUST IN: PayPal now enables business accounts to buy, hold and sell #Bitcoin and crypto. pic.twitter.com/mIujzhrtiF
— Bitcoin Magazine (@BitcoinMagazine) September 25, 2024

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