PayPal Enables US Businesses To Buy, Hold, And Sell Crypto Directly From Accounts

bitcoinistPublished on 2024-09-25Last updated on 2024-09-26

Abstract

On Wednesday, PayPal announced that it is enabling US merchants to buy, hold and sell cryptocurrency directly from their business...

On Wednesday, PayPal announced that it is enabling US merchants to buy, hold and sell cryptocurrency directly from their business accounts. This new functionality aims to increase the utility of digital currencies and make it easier for users and merchants to deal with crypto assets in their businesses. 

New Features Allow Easier Crypto Management 

Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, highlighted the company’s commitment to understanding user needs with this new feature, stating: 

Since we launched the ability for PayPal and Venmo consumers to buy, sell, and hold cryptocurrency in their wallets, we have learned a lot about how they want to use their cryptocurrency. 

Related Reading: One Week Left Until ‘Uptober’: Analyst Shares How High The Bitcoin Price Can Go

According to the company’s announcement, demand from business owners for similar capabilities has prompted PayPal to expand its offerings with the goal of making it easier for merchants to navigate the digital currency space.

PayPal Introduces External Wallet Transfers

Beyond basic transactions, the firm disclosed that is also enabling merchants to transfer cryptocurrency to and from external wallets. This means that business account holders can send and receive supported crypto tokens to third-party eligible wallets.

PayPal has been at the front of integrating cryptocurrencies into its platform. In 2020, the company made headlines by allowing customers to buy, hold, and sell cryptocurrencies through their PayPal and Venmo accounts. 

This was followed by the introduction of PayPal USD (PYUSD), a US dollar-denominated stablecoin, in 2023. The stablecoin has since been integrated into the Xoom platform, allowing users to transfer money internationally without incurring transaction fees when using PYUSD. 

Related Reading: TON Blockchain Sees Major Surge In On-Chain Activities As Ecosystem Expands

Most recently, the firm expanded the reach of PYUSD by making it available on the Solana blockchain.  However, it’s important to note that the latest feature introduced by the company on Wednesday will not be available to businesses operating in New York State at launch.

PayPal
The 1D chart shows the total crypto market cap valuation at $2.17 trillion. Source: TOTAL on TradingView.com

Featured image from DALL-E, chart from TradingView.com 

Ronaldo Marquez

Ronaldo Marquez

Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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