Global payments behemoth PayPal has announced that it will allow US business account customers to buy, hold and sell cryptos directly from their accounts.
The move comes as business clients increasingly seek to use the crypto services available to customers. Further, PayPal intends to increase its crypto reach into mainstream business operations. The functionality for business accounts will not be available in New York State, the announcement read.
PayPal and its peer-to-peer payments app Venmo, first allowed consumers to manage crypto in 2020. Thereafter, the company has “continuously made significant steps to increase cryptocurrency’s utilisation,” the announcement read.
“We have learned a lot about how they want to use their cryptocurrency,” said Jose Fernandez da Ponte, senior VP of blockchain, cryptocurrency, and digital currencies at 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.”
Businesses Can Transfer Crypto on-chain to Third Party Wallets
The company also noted that the new feature would allow business accounts to transfer crypto on-chain to third-party wallets.
“PayPal business account holders can now send and receive supported cryptocurrency tokens to and from external blockchain addresses,” it said.
Last month, Crypto.com collaborated with PayPal to enable US users to access crypto purchases. Along with Crypto.com, PayPal’s stablecoin is also available on a few other selected exchanges, including Bitstamp, Coinbase, and Kraken.
PayPal launched its native U.S. dollar-denominated stablecoin (PYUSD) in 2023. Issued by Paxos Trust Company, a U.S.-regulated entity, PYUSD benefits from strong compliance and security standards, making it a trusted choice for digital transactions.
Initially, PYUSD was introduced as an ERC-20 token on the Ethereum blockchain. However, recently, it was made available on the Solana blockchain for increased flexibility and control. In fact, PayPal’s PYUSD has seen its supply on the Solana blockchain surpass that of Ethereum.
Source: www.cryptonews.com
