By Jorge Antonio Vázquez Buendía
Sep 27, 2024, 10:42 AM EDT
PayPal announced that it will allow its US merchants to buy, hold and sell cryptocurrencies directly from their PayPal business account.
It is important to note that at launch, this functionality for business accounts will not be available in New York State.
The announcement is PayPal’s latest step to increase the utility of cryptocurrencies by making greater functionality available to millions of merchants in the US.
“Since we launched the ability for PayPal and Venmo consumers to buy, sell and hold cryptocurrencies in their wallets, we have learned a lot about how they want to use their cryptocurrencies,” said José Fernández da Ponte, senior vice president of Blockchain, Cryptocurrencies and Digital Currencies. from PayPal.
“Business owners have increasingly expressed their desire to make the same cryptocurrency capabilities available to consumers. “We are excited to meet that demand by providing this new offering, which allows them to interact with digital currencies effortlessly,” added Fernández da Ponte.
Additionally, it was reported that PayPal already allows US merchants to transfer cryptocurrencies on-chain externally to eligible third-party wallets. With this, PayPal business account holders can now send and receive supported cryptocurrency tokens to and from external blockchain addresses.
PayPal has continually taken important steps to increase the use of cryptocurrencies. In 2020, PayPal announced the availability for its customers to buy, hold, and sell cryptocurrencies directly from their PayPal and Venmo accounts.
In 2023, PayPal announced the launch of a US dollar-denominated stablecoin, PayPal USD (PYUSD). In April 2024, it enabled PYUSD as a financing instrument for its Xoom platform, allowing users to pay no transaction fees when using PYUSD to fund eligible transfers to friends and family abroad.
More recently, PYUSD was made available on the Solana blockchain, giving users the option of multiple blockchains, allowing for greater flexibility and control.
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