PayPal Enables US Businesses to Buy, Hold, Sell Crypto
PayPal has extended its digital payment offerings to include buying, holding, and selling crypto for US merchants.
Except for those in New York state, US businesses will be able to use the service directly from their PayPal Business Accounts.
"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," said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, PayPal.
"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 is also enabling US merchants to transfer crypto on chain to third-party eligible wallets, allowing businesses to send and receive crypto tokens to and from external blockchain addresses.
Last month, PayPal partnered with Crypto.com to offer crypto purchases for users in the United States. The feature, which will soon be available beyond the US, allows users to connect their PayPal and Crypto.com wallets to transfer funds from the former to the latter to buy cryptocurrencies.
PayPal also recently struck a deal with high-speed blockchain network Solana to integrate its own stablecoin, PYUSD, onto the Solana platform.
"Making PYUSD available on the Solana blockchain furthers our goal of enabling a digital currency with a stable value designed for commerce and payments," said Jose Fernandez da Ponte, senior vice president of the Blockchain, Cryptocurrency, and Digital Currency Group, PayPal.
Additionally, PayPal partnered with TripleA, a Singapore-based payment solutions provider, to integrate PYUSD into their platform. This means merchants using TripleA can now accept PYUSD as a payment option, further expanding the reach and utility of PayPal's stablecoin.