PayPal Expands Cryptocurrency Services, Allows Business Accounts to Buy, Hold, and Sell Crypto
PayPal is a popular digital payment platform that allows users to send and receive money, make purchases, and pay bills. In 2020, PayPal first introduced Bitcoin and Ethereum services for individual users, and the company has since made several moves in the digital asset space, including launching its own stablecoin in 2023.
On 25 Sep 2024, PayPal announced that U.S. business customers can now buy, hold, and sell cryptocurrencies directly from their PayPal accounts. This service expansion reflects the increasing interest from businesses to access the same crypto features already available to individual consumers.
In addition to enabling crypto transactions, PayPal will also allow U.S. merchants to transfer cryptocurrencies to qualified third-party crypto wallets, providing better diversity in managing cryptocurrencies.
Dan Schulman, PayPal’s CEO, confirmed that the demand for digital asset services among businesses is rising, and PayPal is focused on offering highly secure and convenient tools for customer needs.
This new crypto feature is currently available only to U.S.-based businesses dealing in cryptocurrencies. The upcoming such crypto-related expansions depend on regulatory developments in the jurisdiction of other regions. With this new development, PayPal is making it easier for businesses to integrate cryptocurrencies into their financial operations, marking another significant step toward mainstream adoption of Bitcoin and Crypto.
PayPal Stablecoin
In 2023, PayPal showed a significant inclination toward the crypto sector with the launch of PayPal stablecoin (PYUSD) on the Ethereum network. In May 2024, PayPal launched its stablecoin on the highly scalable blockchain network Solana, which resulted in a big success for PYUSD in securing better adoption among Solana DeFi users.
Just a few days ago, PayPal executives shared their opinion on the Solana network’s ability compared to traditional blockchain networks, which are not suitable for payment solutions.
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