PayPal Holdings, Inc. is set to enhance its cryptocurrency services for U.S. merchants, enabling business accounts to buy, hold, and sell cryptocurrencies directly through their PayPal accounts. This expansion will be available to millions of merchants across the nation, although it will initially exclude business accounts in New York State.
The demand for cryptocurrency capabilities among business owners has grown significantly since the launch of these services for consumers, prompting this strategic move. With this addition, merchants can not only engage in buying, holding, and selling digital assets but also transfer cryptocurrencies externally. This capability allows PayPal business account holders to send and receive supported cryptocurrency tokens to and from third-party wallets via blockchain addresses.
This development is part of PayPal’s commitment to broaden the functionality of cryptocurrency for its users. Since introducing the option for customers to transact in cryptocurrency in 2020, and the subsequent launch of the U.S. dollar-denominated stablecoin, PayPal USD (PYUSD), in 2023, the company has solidified its presence in the digital currency marketplace.
Earlier this year, PayPal integrated PYUSD as a funding option for its Xoom service, providing zero transaction fees for eligible international transfers. Additionally, PYUSD has recently been made available on the Solana blockchain, providing users with greater flexibility and control through multiple blockchain options.
