PayPal Expands Cryptocurrency Services for Business Accounts
- U.S. business accounts can now buy, hold, and sell cryptocurrencies.
- The service is not available for users located in New York State.
In a significant expansion of its services, PayPal has now enabled business accounts in the United States to buy, hold, and sell cryptocurrencies. This announcement was made on September 25, highlighting the company’s initiative to meet increasing demands from business owners in the crypto space.
New Service for Business Owners
Since 2020, PayPal has offered cryptocurrency capabilities to individual consumers through its platform. Following a surge in interest from business clients, the company is now allowing businesses to manage digital assets directly from their merchant accounts. As Jose Fernandez da Ponte, PayPal’s senior vice president for blockchain and cryptocurrency, stated, “Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers.”
Features and Future Developments
This move not only fulfills business owners’ requests but also enables them to benefit from the growing trend of digital currencies. Additionally, PayPal plans to introduce on-chain crypto transfers for qualified business accounts, allowing merchants to send and receive supported tokens through eligible third-party wallets.
Service Restrictions in New York
Despite the wide rollout of this new feature, business account holders in New York state will not have access to these services. PayPal currently holds a BitLicense and trust license from the New York Department of Financial Services but has chosen to restrict this offering in the state.
Recent Developments in Digital Assets
PayPal’s recent announcements signal a stronger focus on digital assets and blockchain technology. Following its initial foray into cryptocurrency trading in 2020, the company introduced the PayPal USD (PYUSD) stablecoin in 2023. Furthermore, earlier this month, PayPal and Venmo integrated with the Ethereum Name Service (ENS), streamlining crypto transactions by allowing for ENS domain names.
Currently, PYUSD has expanded its utility to the Solana network and is also accessible to users of Xoom.
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