PayPal has announced a major update to its platform, allowing U.S. merchants to buy, hold, sell, and transfer cryptocurrencies directly from their PayPal business accounts.
This new feature expands the company’s cryptocurrency services beyond individual consumers, bringing digital currencies into the hands of millions of business owners nationwide. However, at launch, this service will not be available to business accounts in New York State.
PayPal Launches Cryptocurrency Services for Merchants
According to a press release, PayPal’s latest feature enables U.S. business accounts to engage in cryptocurrency transactions, further advancing the company’s efforts to integrate digital assets into its financial ecosystem. Business account holders can now manage supported cryptocurrencies, such as Bitcoin, directly within their PayPal accounts.
Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, noted that this service was introduced in response to growing demand from merchants. “Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers,” Fernandez da Ponte stated.
With this launch, PayPal aims to make cryptocurrency more accessible and functional for U.S. businesses.
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