PayPal Business Accounts Now Able to Buy, Hold, and Sell Cryptocurrency

PayPal Holdings is making waves in the cryptocurrency world once again, this time by offering U.S. merchants the ability to buy, hold, and sell cryptocurrency directly from their PayPal business accounts. The company announced this exciting new feature in a press release on Wednesday, excluding only merchants in New York State from accessing these capabilities.

This move comes on the heels of PayPal’s 2020 announcement that consumers could also buy, hold, and sell cryptocurrency directly from their PayPal and Venmo accounts. Jose Fernandez da Ponte, senior vice president of blockchain, cryptocurrency, and digital currencies at PayPal, expressed the company’s excitement in meeting the demand from business owners for the same cryptocurrency capabilities available to consumers.

In a statement, da Ponte said, “We’re excited to meet that demand by delivering this new offering, empowering them to engage with digital currencies effortlessly.” This expansion of cryptocurrency services to business account holders aligns with PayPal’s goal of shaping the role that digital currencies will play in the future of global finance and commerce.

In addition to enabling U.S. merchants to transact in cryptocurrency, PayPal introduced a U.S. dollar-pegged stablecoin called PayPal USD (PYUSD) in August 2023. This stablecoin allows customers to fund purchases with PayPal USD at checkout and convert any supported cryptocurrencies to and from PayPal USD.

Furthermore, PayPal announced that PayPal USD is now available on the Solana blockchain, citing Solana as the most used blockchain for stablecoin transfers. By offering PayPal USD on Solana, the stablecoin will become faster and cheaper to use, giving users the flexibility and control to choose from multiple blockchains for their transactions.

With these new developments, PayPal continues to position itself as a key player in the cryptocurrency space, working towards financial inclusion, efficiency, and the future of digital currencies in global finance and commerce.