On September 25, 2024, PayPal made a significant move in the crypto space by enabling U.S. business accounts to buy, hold, and sell cryptocurrencies directly. Previously available only to individual consumers, this expansion now allows merchants to engage more fully with digital assets.
Business owners can also transfer crypto externally to eligible third-party wallets, providing greater flexibility for those seeking to integrate cryptocurrencies into their operations. However, this feature is currently unavailable for businesses in New York.
This new offering responds to growing demand from business owners who want the same access to cryptocurrency as individual consumers. As José Fernandez da Ponte, PayPal’s Senior VP of Blockchain, Digital Currencies, and Cryptocurrency, explained, “We’re excited to meet that demand by empowering business owners to engage with digital currencies effortlessly.”
PayPal has steadily expanded its crypto capabilities since 2020, and in 2023, it launched PayPal USD (PYUSD), a U.S. dollar-backed stablecoin. Recently, PYUSD became available on the Solana blockchain, allowing for faster, more cost-effective transactions. This addition offers users the flexibility to choose between multiple blockchains for their transactions.
As PayPal continues to innovate in the crypto space, this new service strengthens its role in shaping the future of digital currencies, both for consumers and businesses alike.
