PayPal Holdings, Inc. (NASDAQ: PYPL) has Active Its US business account holders can buy, hold and sell cryptocurrencies supported on its platform, such as Bitcoin, directly from their PayPal accounts. PayPal said that although the service is available nationwide, it will not be available in New York state at launch.
Just in: PayPal now enables buying, holding, and selling business accounts #bitcoin And crypto. pic.twitter.com/mIujjhrtiF
– Bitcoin Magazine (@BitcoinMagazine) 25 September 2024
“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 Jose Fernandez da Ponte, senior vice president of blockchain. Are.” Cryptocurrencies and Digital Currencies on PayPal. “Business owners have expressed a desire for the same cryptocurrency capabilities available to consumers. We are excited to meet that demand by delivering this new offering, empowering them to seamlessly engage with digital currencies.”
In addition to buying and selling, US traders can now transfer cryptocurrencies externally to third-party wallets. This new functionality further increases the flexibility of crypto transactions for businesses.
PayPal’s expansion in providing businesses the ability to buy and hold Bitcoin and crypto on its platform builds on its growing digital currency initiatives. This includes the launch of consumer crypto services in 2020 and the introduction of its US dollar-backed stablecoin, PayPal USD (PYUSD), in 2023.
