In a significant expansion of its digital assets services, PayPal is preparing to allow US business accounts to engage in crypto transactions. This new feature builds on PayPal’s existing crypto offerings, enhancing the platform’s appeal to merchants interested in adopting digital currencies.
PayPal Enable Crypto For US Business Accounts: What For?
PayPal’s latest move is aimed at empowering US business accounts to leverage crypto transactions in their daily operations. The payments giant announced that once the service launches, it will allow businesses to buy, sell, hold, and transfer cryptocurrencies seamlessly. However, these crypto transactions will not be available to business accounts in New York State due to regulatory restrictions.
This new crypto transactions offering follows PayPal’s previous efforts to capture the growing digital assets market. Initially, in 2020, PayPal allowed users to hold cryptocurrencies, and last year, it launched the PYUSD stablecoin, which is currently available on Ethereum and Solana.
Rising Demand from Business Owners
PayPal’s Senior Vice President, Jose Fernandez da Ponte, highlighted the growing interest among business owners in using cryptocurrencies. “Since launching crypto services for consumers, we’ve gained valuable insights into how they use digital assets. Business owners have expressed interest in similar capabilities, and we are excited to meet that demand” he said.
Paypal President and CEO, Alex Chriss, also announced it in a repost of the news on his X account, along with previous news about the Amazon and Paypal partnership coming next year.
This new feature will allow U.S. merchants not only to buy and sell cryptocurrencies but also to transfer them to third-party wallets and receive supported tokens from external sources, further enhancing their operational flexibility.
PayPal’s Growing Crypto Ecosystem
The PYUSD stablecoin, introduced by PayPal in 2023, continues to play a central role in the company’s crypto strategy. With a supply of $350 million, PYUSD is available for transactions across major blockchains like Ethereum and Solana. This development strengthens PayPal’s presence in the crypto market and aligns with its vision of making digital currencies more accessible to both consumers and businesses.
PayPal’s push into the digital assets space is a significant step in enhancing the utility of cryptocurrencies for businesses. By offering US merchants the ability to engage in crypto transactions, PayPal is cementing its position as a key player in the evolving financial ecosystem.
Source: https://cryptoticker.io/en/paypal-enable-crypto-us-business-accounts