Online payment giant PayPal has introduced new crypto services for business accounts, allowing US merchants, with the exception of those based in New York, to buy, sell, and trade cryptocurrencies.
This change, announced on September 25, gives businesses access to crypto tools that were already available to individual users.
"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," said Jose Fernandez da Ponte, PayPal's senior vice president of blockchain, cryptocurrency, and digital currencies.
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In addition to buying, selling, and trading, merchants will have the option to transfer their crypto holdings to external wallets or use cold storage, ensuring their assets are safe.
PayPal has been involved with cryptocurrency for some time. In August 2023, it launched PayPal USD (PYUSD), a stablecoin issued by Paxos and backed by the US dollar, short-term Treasury bills, and other cash-like instruments.
More recently, PYUSD has expanded to the Solana blockchain. This expansion brought new features like confidential transfers, ensuring transaction amount confidentiality while still adhering to regulatory requirements.
Furthermore, earlier this month, PayPal partnered with Ethereum Name Service (ENS). This collaboration simplified crypto transfers by replacing long, complex wallet addresses with user-friendly identifiers.
Overall, the expansion of PayPal's crypto services aims to make digital currency more accessible and manageable, further solidifying its role in crypto.
