PayPal Holdings, Inc. (NASDAQ: PYPL) has activated US business account holders will be able to buy, hold and sell cryptocurrencies supported on its platform, such as bitcoin, directly from their PayPal accounts. While this service is available nationwide, it will not be available in New York state at launch, PayPal said.
“Since we launched the ability for PayPal and Venmo consumers to buy, sell, and hold cryptocurrency in their wallets, we’ve learned a lot about how they want to use their cryptocurrencies,” 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 to be available to consumers. We’re excited to meet that demand by providing this new offering, which allows them to interact with digital currencies effortlessly.”
In addition to buying and selling, US merchants can now transfer cryptocurrencies to external third-party wallets. This new functionality further increases the flexibility of cryptocurrency transactions for businesses.
PayPal’s expansion to offer businesses the ability to buy and hold bitcoin and cryptocurrencies on its platform builds on its growing digital currency initiatives. This includes the launch of cryptocurrency services for consumers in 2020 and the introduction of its US dollar-backed stablecoin, PayPal USD (PYUSD), in 2023.
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