Using cryptocurrency for payments has just got one step easier, especially for entrepreneurs, as PayPal will now allow business accounts to buy, hold, and sell crypto directly from their accounts.
It was on Wednesday (September 25) when the finance company shared the update through a press release, stating it’ll be available to U.S. merchants. Well, all but those in New York State as the functionality won’t be available in that area on the launch.
This news comes four years after the platform enabled users with a personal account to buy, hold, and sell cryptocurrency.
While the company hasn’t provided a recent update on the take-up, the expansion into business accounts suggests the crypto features have been widely used.
“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,” said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal.
“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.”
PayPal expands crypto offerings and services
Merchants in the US will also be able to externally transfer crypto on chain to third-party eligible wallets and business account holders can now send and receive crypto tokens to and from external blockchain addresses.
This continued focus on digital currency isn’t surprising as the technology firm has long shown interest in crypto.
After bringing options for customers in 2020, they then announced the launch of a U.S. dollar-denominated stablecoin in 2023. This is called PayPal USD (PYUSD).
This was recently made available on the Solana blockchain and was enabled to be used as a funding instrument for the company’s Xoom platform earlier in the year too.
Featured Image: Via Ideogram
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