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PayPal announced on September 25 that business account holders in the United States can now buy, sell, and hold cryptocurrencies, affecting millions of US merchants. This new feature, however, does not extend to merchants in New York.
Expanding Cryptocurrency Utility
PayPal's latest initiative aims to enhance the utility of cryptocurrencies by making these functionalities available to a broader audience of merchants.
Jose Fernandez da Ponte, PayPal's Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, noted that the company has been closely observing consumer behaviors since launching crypto services for personal 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,” he stated. “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.”
In addition to the ability to buy, sell, and hold cryptocurrency, PayPal is enabling U.S. merchants to transfer cryptocurrencies to and from third-party eligible wallets.
A History of Crypto Innovations
PayPal first introduced crypto services for personal accounts in 2021, allowing users to buy, hold, and sell cryptocurrencies directly through PayPal and Venmo.
Further, in 2023, PayPal launched its U.S. dollar-denominated stablecoin, PayPal USD (PYUSD), which is pegged to U.S. dollar deposits and U.S. Treasuries. This stablecoin is designed to facilitate seamless digital transactions and has been integrated into the PayPal and Venmo platforms.
In May 2024, PayPal further broadened the use of PYUSD by making it available on the Solana blockchain.