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PayPal has launched new “buy, hold, and sell” Bitcoin and crypto features for business accounts. This functionality is available for U.S. merchants, except for residents of the State of New York.
Summary
PayPal: business accounts can buy, hold, and sell Bitcoin and crypto
The payment giant PayPal has announced the launch of its new feature dedicated to U.S. merchants.
In practice, now, US traders will be able to buy, hold, and sell Bitcoin and cryptocurrencies directly from their PayPal business account.
At the moment, the new feature for commercial accounts will not be available in the State of New York.
It is worth noting that this functionality on PayPal already exists for end consumers, but now the payment giant has extended it to business accounts as well.
To this end, Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency and Digital Currencies at PayPal, said:
“Since we launched the possibility for PayPal and Venmo consumers to buy, sell, and hold cryptocurrencies in their wallets, we have learned a lot about how consumers want to use their cryptocurrencies. Business owners have increasingly expressed the desire to have the same cryptocurrency functionalities available to consumers. We are excited to meet this request with this new offering, which allows them to use digital currencies effortlessly.”
PayPal and the extension of the buy, hold, and sell Bitcoin and crypto functionality to business accounts
In addition to the new feature of extending the ability to buy, hold, and sell Bitcoin and crypto to business accounts, PayPal also grants them more.
In fact, it seems that PayPal allows US merchants to externally transfer cryptocurrencies to eligible third-party wallets.
This means that holders of PayPal business accounts can now send and receive supported cryptocurrency tokens to and from external blockchain addresses.
With this news, PayPal has taken another step forward to increase the adoption of cryptocurrencies. This journey began in 2020, when the digital payments giant announced the possibility for its customers to buy, hold, and sell cryptocurrencies directly from their PayPal and Venmo accounts.
Not only that, last year, PayPal got so involved in the crypto world that it launched its own stablecoin denominated in dollars PayPal USD (PYUSD).
PYUSD was then enabled as a financing tool on the Xoom platform in April 2024, allowing users to avoid paying any transaction fees when using PayPal’s stablecoin to fund eligible transfers to friends and family abroad.
Even more recently, then, there is the support of PYUSD on Solana blockchain, offering users the possibility to choose between multiple blockchains for greater flexibility and control.
The integration of blockchain domains of Ethereum Name Service (ENS)
Among the latest news from PayPal and the crypto world, there is the collaboration with Ethereum Name Service (ENS).
In practice, PayPal and Venmo have agreed to integrate ENS blockchain domains for their users. In fact, both PayPal and Venmo users will now be able to enter their ENS address when they want to transfer crypto.
This is an additional effort by PayPal to support crypto adoption, as now the platform will be able to identify the address of the crypto wallet associated with the user’s ENS name.
ENS is known to the crypto community precisely for providing Ethereum users with a simple and human-readable name, instead of the classic long and alphanumeric blockchain address associated with their crypto wallet.