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PayPal has announced that it will allow business customers in the U.S. to buy, hold, and sell cryptocurrency directly from their PayPal account.
A press release from the online payment portal confirmed the development for business customers, four years on from the same crypto facilities were enabled for personal accounts.
The launch will not be available initially in New York State, but the wider move is designed to increase access to crypto for millions of merchants across the U.S.
PayPal will also permit business accounts to transfer on-chain assets to third-party eligible wallets.
Jose Fernandez da Ponte, Senior VP of Blockchain, Cryptocurrency, and Digital Currencies at PayPal stated that this move came about after business owners requested having the same crypto capabilities as consumers.
Fernandez da Ponte added the company has learned “a lot about how” personal users want to use crypto, influencing the introduction of the service for businesses. The US tech multinational did not elaborate on this, but the expansion suggests it has been meaningful.
PayPal’s Dollar-Denominated Stablecoin
This is not PayPal’s only foray into crypto as the platform previously launched its own U.S. dollar-denominated stablecoin, PayPal USD (PYUSD). That was followed earlier this year with the digital currency enabled as a funding instrument for the company’s Xoom platform, and most recently PYUSD became available on the Solana blockchain.
PayPal USD is a cryptocurrency token pegged to the US dollar, also known as a stablecoin because it is designed to maintain its value at $1.
The crypto stablecoin was created in collaboration with blockchain technology company Paxos.
