PayPal Empowers Merchants to Buy and Sell Cryptocurrency

PayPal has announced that it will enable U.S. merchants to buy, hold, and sell cryptocurrency directly from their PayPal business accounts. However, this functionality will not be available in New York State at the time of launch. This move marks another significant step by PayPal to enhance the utility of cryptocurrency by providing more functionality to millions of merchants across the U.S.

Meeting Merchant Demand

“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,” stated Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal. He added that business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers. PayPal aims to meet this demand by offering new tools that empower merchants to engage with digital currencies effortlessly.

Enhanced Cryptocurrency Transfers

In addition to the new buying, holding, and selling features, PayPal is also allowing U.S. merchants to externally transfer cryptocurrency on-chain to third-party eligible wallets. Business account holders can now send and receive supported cryptocurrency tokens to and from external blockchain addresses, further facilitating the use of digital currencies.

PayPal’s Commitment to Cryptocurrency

PayPal has consistently taken significant steps to enhance the utilization of cryptocurrency. In 2020, the company enabled customers to buy, hold, and sell cryptocurrency directly from their PayPal and Venmo accounts. In 2023, it launched a U.S. dollar-denominated stablecoin, PayPal USD (PYUSD). By April 2024, PYUSD was introduced as a funding instrument for the Xoom platform, allowing users to make eligible transfers abroad without incurring transaction fees when using PYUSD.

Multi-Blockchain Support for PYUSD

PYUSD has recently become available on the Solana blockchain, allowing users to access multiple blockchain options. This development offers increased flexibility and control for PayPal users as they navigate the evolving cryptocurrency landscape. Overall, PayPal continues to enhance its cryptocurrency offerings, demonstrating its commitment to making digital currencies more accessible and useful for both consumers and businesses.

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