PayPal set to enable business accounts to buy and sell cryptocurrencies

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FXStreetSep 26, 2024 1:00 AM

PayPal announced that it will begin allowing US business accounts to buy, sell and hold crypto assets.
However, the function will be unavailable to business accounts in New York.
US merchants can also transfer their crypto holdings on-chain to third-party wallets.

PayPal announced on Monday that it would begin allowing business account users in the US to buy, sell and hold cryptocurrencies, excluding New York merchants.

PayPal to allow US merchants buy and sell crypto

Fintech giant PayPal revealed in a press release that it plans to enable US business accounts to buy, store and sell cryptocurrencies. The firm claims it aims to facilitate easier cryptocurrency access among US-based merchants.

"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, PayPal.

This functionality aims to meet the growing demand from business owners for capabilities already available to consumers. PayPal also stated that business accounts based in New York will not have access to this new feature after its launch.

Additionally, merchants will be able to easily send and receive supported assets to and from eligible blockchain addresses, further expanding their operational flexibility.

PayPal has made strides toward advancing digital asset availability to its customers after it announced that users could use their accounts to buy and hold crypto in 2020.

Since then, the firm has maintained a positive attitude towards crypto by launching its USD-backed stablecoin, PayPal USD (PYUSD), available on both the Ethereum and Solana blockchains.

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