PayPal has officially rolled out a new feature allowing businesses in the United States to buy, sell, and hold cryptocurrencies. U.S. business merchants can now perform crypto transactions directly through their PayPal business accounts, marking a significant step toward broader cryptocurrency adoption. This service is available in 49 states, with New York being the only exception.
Expanding Crypto Accessibility for Businesses
This move represents another major push by PayPal into the digital asset space, following its earlier release of its stablecoin, PYUSD. The company’s latest initiative reflects the growing demand for digital currencies within the business community, particularly from those who have witnessed the benefits of crypto trading on personal accounts.
Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain and Crypto, emphasized that the decision was driven by business owners’ increasing interest in using cryptocurrency for commercial purposes.
“Since we launched the ability for PayPal and Venmo consumers to buy, sell, and hold cryptocurrency in their wallets, we’ve learned a lot about how they want to use their cryptocurrency,” da Ponte explained. “Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers. We’re excited to meet that demand by delivering this new offering, empowering them to engage with digital currencies effortlessly.”
On-Chain Transfers Now Supported
In addition to enabling businesses to buy, sell, and hold crypto, PayPal has also introduced another key feature. U.S. merchants can now transfer cryptocurrencies externally on-chain to third-party wallets. This means business account holders can send and receive supported cryptocurrencies directly to and from external blockchain addresses, enhancing the flexibility of crypto transactions on the platform.
PayPal’s expansion into the crypto space signals a growing trend toward digital currency integration within traditional finance. The company’s embrace of cryptocurrency, along with its introduction of tools like PYUSD and now business-level crypto functionality, could help pave the way for broader acceptance of digital assets across the U.S.
