PayPal to Buy, Hold and Sell Bitcoin and Cryptocurrency from Business Accounts
PayPal Holdings, Inc. (NASDAQ: PYPL) is allowing U.S. corporate account holders to buy, hold, and sell cryptocurrencies supported by the platform, such as Bitcoin, directly from their PayPal accounts. The service will be available nationwide, but will not be available in New York at launch, PayPal said.
Just in: PayPal now lets you buy, hold, and sell from your business account. #bitcoin And cryptocurrencies. pic.twitter.com/mIujzhrtiF
— Bitcoin Magazine (@BitcoinMagazine) September 25, 2024
“Since we launched the ability for PayPal and Venmo consumers to buy, sell, and store cryptocurrency from their wallets, we’ve learned a lot about how they want to use cryptocurrency,” said Jose Fernandez da Ponte, PayPal’s senior vice president of blockchain, cryptocurrency, and digital currencies. “Business owners have increasingly expressed a desire for the same cryptocurrency capabilities that consumers get, and we’re excited to meet that demand with this new offering and help make it easier for them to use digital currencies.”
In addition to buying and selling, US merchants can now transfer cryptocurrencies from outside to third-party wallets. This new feature further increases the flexibility of businesses to trade cryptocurrencies.
PayPal’s expansion to offer businesses the ability to buy and hold bitcoin and cryptocurrencies on its platform builds on its growing digital currency initiatives, which include the launch of a consumer cryptocurrency service in 2020 and the launch of a US dollar-backed stablecoin, PayPal USD (PYUSD), in 2023.
