PayPal U.S. business accounts finally receive crypto capabilities similar to those individual consumers have been enjoying for years.
PayPal has announced that U.S. business accounts, except for those located in New York State, can now buy, hold, and sell cryptocurrency directly through their PayPal accounts. The new functionality also enables merchants to transfer cryptocurrency externally to third-party wallets.
“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. Business owners have increasingly expressed a desire for the same cryptocurrencycapabilities available to consumers. We’re excited to meet that demand by delivering this new offering, empowering them to engage with digital currencies effortlessly.”
Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, PayPal
This expansion follows PayPal’s previous efforts to make digital currencies more accessible, including the launch of PayPal USD (PYUSD) stablecoin. The fintech firm has been gradually adding crypto-related features since early 2021. First, PayPal launched crypto trading in the US. Next, the firm introduced Checkout with Crypto feature. A few month later, crypto trading options became available to PayPal users in the UK. However, all the benefits of crypto transactions were so far not offered to PayPal business users.
Finally, in 2023, the fintech emerged as the first large payment company to launch its own stablecoin token. PYUSD is a dollar-denominated stablecoin. Its main blockchain is Ethereum. However, recently, PYUSD was made available on Solana, providing users with increased flexibility, control, speed and affordability of crypto transactions.
In April 2024, PYUSD became one of funding instruments for PayPal’s money transfer app Xoom, allowing users to pay no transaction fees when using PYUSD to fund eligible international transactions. PayPal also used PYUSD to invest in Mesh, a crypto-friendly embedded finance solution, almost completely funding the investment with the stablecoin.
