PayPal enables U.S. merchants to trade cryptocurrency via business accounts

PayPal Holdings has launched a new feature allowing U.S. merchants to buy, hold, and sell cryptocurrency directly from their PayPal business accounts. Initially, this functionality will not be available to merchants in New York State. This update expands PayPal's efforts to increase cryptocurrency utility, now offering business owners the same crypto capabilities previously available to consumers.

Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, highlighted that business owners have shown significant interest in using cryptocurrencies. Additionally, U.S. merchants can now transfer cryptocurrency to and from third-party wallets.

PayPal continues to innovate in the cryptocurrency space, including the introduction of PayPal USD (PYUSD), a U.S. dollar-denominated stablecoin, and its integration with the Solana blockchain for increased flexibility. PYUSD is issued by Paxos Trust Company and is fully backed by U.S. dollar deposits and similar cash equivalents, ensuring stability and trust for users.

Source: PayPal