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- PayPal now allows U.S. business clients to buy, hold, sell, and transfer cryptocurrencies on-chain, excluding New York State.
- Business demand for crypto services led PayPal to expand its offerings, matching features available to retail users since 2020.
- PayPal’s U.S. dollar-backed stablecoin, PYUSD, is now available on the Solana blockchain for faster and cheaper transactions.
PayPal has now extended its cryptocurrency offerings to American businesses, allowing them to purchase, store, and trade digital assets directly. This move caters to the rising need from entrepreneurs who have been looking for the same cryptocurrency capabilities that retail customers have had access to since 2020.
PayPal Expanded Features for Business Clients
Business customers now have the capability to move approved cryptocurrencies to external wallets, offering more options for controlling digital assets. This transfer option on the blockchain enables companies to engage more openly with the wider cryptocurrency network.
PayPal will allow U.S. business customers to buy, hold and sell cryptocurrencies directly from their accounts. PayPal said that business users are increasingly looking to use cryptocurrency features that are open to consumers. PayPal will also allow U.S. merchants to transfer…
— Wu Blockchain (@WuBlockchain) September 26, 2024
PayPal holds both a BitLicense and a trust license from New York’s financial regulators. However, the service is still not available in New York State due to regulations. PayPal has not provided a timeline for when it will be accessible to users in the state.
Responding to Market Demand
Jose Fernandez da Ponte, the senior vice president of blockchain and digital currencies at PayPal, verified that there has been a growing demand from businesses for cryptocurrency functionalities.
This decision shows how PayPal is trying to adapt to the changing requirements of entrepreneurs who are looking for a wider range of financial services.
With this expansion, companies are now able to receive cryptocurrency, store digital assets, and conduct transfers without any difficulty. As a result, it gives them increased opportunities to incorporate digital currencies into their activities.
Growing Crypto Footprint
The company began offering cryptocurrency services to customers in 2020 through PayPal and Venmo. PYUSD has since become available on the Solana blockchain, known for its quick transactions and low fees. This makes it easier for users to access and use PYUSD after its introduction in 2023.
This expansion makes using PYUSD even more convenient and accessible to users. Users can now move assets between various blockchains, gaining increased authority over their digital currencies through this integration. Additionally, companies now receive the same advantages in efficiency and cost-efficiency offered by the Solana network.
The extension of PayPal’s cryptocurrency offerings shows the increasing acceptance of digital assets within the corporate sector. PayPal is enhancing its position by providing additional tools for cryptocurrency management.