PayPal is now allowing U.S. business accounts to buy, sell, and store cryptocurrency, making it easier for merchants to access and use digital assets in their transactions. Announced on September 25, this feature opens up crypto trading to millions of American businesses, offering them greater flexibility to incorporate digital currencies into their financial operations. However, due to regulatory restrictions, this service isn’t available for businesses in New York.
This step is part of PayPal’s broader initiative to support both consumers and businesses in handling digital currencies. By enabling business accounts to manage crypto transactions, PayPal simplifies the process for merchants to adopt cryptocurrencies in daily operations. PayPal’s Senior VP of Blockchain, Jose Fernandez da Ponte, mentioned that more business owners are seeking the same crypto tools offered to individual users. With this service, merchants can now handle cross-border payments more efficiently, sending and receiving crypto from external wallets.
PayPal’s journey with cryptocurrency began in 2020 when it allowed personal accounts to trade digital currencies like Bitcoin, making crypto more accessible without requiring specialized platforms. This introduction helped millions of users explore digital assets on a trusted platform.
In 2023, PayPal launched PYUSD, a stablecoin backed by the U.S. dollar, on the Ethereum network, and later introduced it on the Solana blockchain in 2024 to improve scalability. Despite some challenges, such as a 30% drop in PYUSD’s market cap between August and September 2024, it remains a leading stablecoin, and PayPal is committed to supporting its growth.
Overall, PayPal’s expanded crypto services for business accounts aim to make it easier for companies to integrate digital currencies into their operations, positioning itself as a key player in the broader adoption of cryptocurrencies for everyday business use. This move reinforces PayPal’s role in driving mainstream acceptance of digital assets.
Featured image from: cryptodaily.com