PayPal Holdings, Inc. (NASDAQ: PYPL) owns Enabled PayPal has announced that it will allow its customers in the United States to buy, store and sell cryptocurrencies supported on its platform, such as Bitcoin, directly from their PayPal accounts. While the service is available nationwide, it will not be available in New York state at launch, PayPal said.
NEW: PayPal Now Allows Business Accounts to Buy, Hold, and Sell #Bitcoin And cryptocurrencies. pic.twitter.com/mIujzhrtiF
— Bitcoin Magazine (@BitcoinMagazine) September 25, 2024
“Since we launched the ability to buy, sell and store cryptocurrency in PayPal and Venmo wallets, we’ve learned a lot about how people want to use their cryptocurrency,” said José Fernandez da Ponte, senior vice president of blockchain, crypto and digital currency at PayPal. “Business owners have increasingly expressed a desire to have the same crypto capabilities available to consumers. We’re excited to meet that demand with this new offering, enabling them to transact with crypto effortlessly.”
In addition to buying and selling, merchants in the United States can now transfer cryptocurrencies externally to third-party wallets. This new functionality increases the flexibility of cryptocurrency transactions for businesses.
PayPal’s expansion into offering businesses the ability to buy and store Bitcoin and cryptocurrencies on its platform builds on its growing digital currency initiatives. These include launching consumer crypto services in 2020 and introducing its own USD-backed stablecoin, PayPal USD (PYUSD), in 2023.
Comments are closed, but trackbacks and pingbacks are open.