PayPal Introduces New Crypto Functionality for U.S. Business Clients

In a groundbreaking move, PayPal has introduced new functionality for its U.S. business clients, allowing them to buy, hold, and sell cryptocurrencies. This new service, announced on Wednesday, will not be available in New York State initially.

Furthermore, PayPal is now enabling U.S. merchants to transfer cryptocurrency on-chain to third-party eligible wallets externally. This means that PayPal business account holders can now send and receive supported crypto tokens to and from external blockchain addresses.

These new features are part of PayPal’s strategy to increase the utility of cryptocurrencies for its U.S. clients. Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal, stated, “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.”

The decision to introduce these new features was driven by the demand from business owners who wanted to have the same cryptocurrency capabilities as consumers. PayPal’s crypto journey began in 2020 when it allowed customer accounts to buy, hold, and sell cryptocurrency directly from their PayPal and Venmo accounts.

Over the past three years, PayPal has been advancing its crypto strategy, including launching the “Checkout with Crypto” feature in March 2021. Last year, it also introduced the PayPal Stablecoin (PYUSD), initially built on Ethereum and later expanding to Solana.

This latest move by PayPal signifies a significant step in the mainstream adoption of cryptocurrencies, providing more opportunities for businesses and individuals to engage with digital assets. Stay updated on the latest developments by subscribing to our newsletter and following us on Twitter and Telegram.