PayPal to allow US business accounts to buy and transfer crypto
2024-09-26

In another effort to expand its presence in digital assets, PayPal announced plans to enable U.S. business customers to buy, sell, hold, and transfer cryptocurrencies.
"Today's announcement is PayPal's latest step to increase cryptocurrency's utility by making increased functionality available to millions of merchants in the U.S.," the company said, adding that when the service launches, it will not be available to business accounts based in New York State.
PayPal's move to allow U.S. merchants to send and receive cryptocurrency follows the Silicon Valley-based payments company launching several initiatives designed to capture market share among companies and customers operating in the digital assets industry. After first allowing PayPal and Venmo users to hold digital assets in 2020, the payments platform launched a U.S. dollar-pegged stablecoin last year, which is available on both Ethereum and Solana.
The PYUSD stablecoin currently has a supply of about $350 million, according to The Block Data Dashboard.
"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," PayPal Senior Vice President Jose Fernandez da Ponte said in a statement. "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."
PayPal also said it would allow U.S. merchants to transfer cryptocurrency to "third-party eligible wallets" and receive "supported" tokens from external addresses.
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