Popular payments giant PayPal has announced that it is expanding its crypto services to include business accounts. This means merchants in the United States can buy, hold, and sell crypto directly from their PayPal business accounts, except for those in New York State.
PayPal Expands Crypto Footprint
According to a press release, PayPal’s decision to expand its crypto capabilities to business accounts follows the company’s integration of crypto assets in 2020, which allowed consumers to buy, hold, and sell cryptocurrencies directly from their PayPal and Venmo accounts.
Commenting on the latest development, Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies PayPal, said:
“Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers. We’re excited to meet that demand by delivering this new offering, empowering them to engage with digital currencies effortlessly.”
PayPal’s Crypto Journey
Since PayPal first joined the crypto space in 2020 by adding support for cryptocurrencies, the company has continued to explore the industry.
For instance, in August 2023, PayPal launched its USD-pegged stablecoin, dubbed PayPal USD (PYUSD), on the Ethereum network. According to the company, users can use the PYUSD to make purchases and check out. Users can also convert supported crypto assets to the stablecoin.
Earlier this year, PayPal expanded its stablecoin to the Solana blockchain. The firm believes that adding PayPal USD to the network will improve transaction speed, lower costs, and provide users with the flexibility of control between multiple blockchains.
