- PayPal enables US business accounts to buy, hold, and sell crypto
- The service will initially be unavailable to users in New York State
PayPal has expanded the feature that allows consumers to buy, hold, and sell cryptocurrencies in the US to business accounts.
In an announcement on September 25, PayPal said clients with businesses across the US can purchase, hold, or sell crypto directly from their merchant accounts. The company’s move follows increased demand for the service, which PayPal and Venmo retail users have enjoyed since 2020.
“Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers,” said Jose Fernandez da Ponte, senior vice president of blockchain, cryptocurrency, and digital currencies at PayPal.
Enabling access for merchants meets this demand, and also empowers business owners to tap into and benefit from digital currencies.
In this case, PayPal also plans to enable on-chain crypto transfers for US merchants, with these available to “eligible” third-party wallets. This means business accounts will be able to send and receive supported tokens.
Not available in New York State
While merchants across the US will have access to the crypto service, PayPal has announced that the service will not be available to business account holders in New York State. However, PayPal holds the BitLicense and trust license from the New York Department of Financial Services.
PayPal’s latest announcement adds to recent steps that represent the company’s growing push into the digital assets and blockchain space. Following its launch of crypto support in 2020, the payments giant followed it up with the unveiling of its PayPal USD (PYUSD) stablecoin in 2023.
Earlier this month, PayPal and Venmo integrated the Ethereum Name Service (ENS). The integration added ENS domain names, allowing for streamlined crypto transactions.
Meanwhile, PYUSD recently expanded to Solana and is also available to Xoom users.