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7mo ago

PayPal Enables U.S. Business Accounts to Buy, Hold, and Sell Cryptocurrency

The new feature allows U.S. merchants to engage with digital currencies directly from their PayPal business accounts, excluding New York State at launch.

A computer screen displaying the PayPal website. In front of the screen, there's a cryptocurrency coin, specifically a Bitcoin. The coin has a unique pattern and is made of metal. The background is a wooden desk with a few items, including a pen, a paper clip, and a small plant.
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PayPal claims to be available in over 200 nations and regions, supporting 25 fiat currencies

Overview

  • PayPal's new service is in response to growing demand from business owners for cryptocurrency capabilities.
  • U.S. merchants can now buy, hold, sell, and transfer cryptocurrencies such as Bitcoin and Ethereum.
  • The service excludes business accounts in New York State at launch due to regulatory constraints.
  • This move follows PayPal's introduction of similar features for personal accounts in 2020 and the launch of its stablecoin, PYUSD, in 2023.
  • PayPal aims to increase the utility of cryptocurrencies by integrating them into business accounts, potentially expanding payment options and customer reach.