Online Payment system, PayPal has announced it is allowing U.S. merchants to buy, hold and sell cryptocurrency directly from their PayPal business accounts in a bid to facilitate crypto utility.
As per the official statement, this functionality for Business Accounts will not be available in New York State, at the time of launch. In a latest effort to increase cryptocurrency adoption, PayPal is adding this functionality for millions of merchants in the U.S.
Apart from this functionality, PayPal will also allow U.S. merchants to externally transfer cryptocurrencies on chain to third-party eligible wallets. Thus, they can now “send and receive supported cryptocurrency tokens to and from external blockchain addresses”.
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Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptos, and Digital Currencies at PayPal, remarked, “Since we launched the ability for PayPal and Venmo consumers to buy, sell, and hold cryptocurrency in their wallets, we have learned a lot about how they want to use their cryptocurrency.”
The decision to introduce this new offering is also made keeping in mind business owners’ growing desires for the same cryptocurrency capabilities available to consumers.
Recently, its stablecoin, PayPal USD (PYUSD) was made available on the Solana blockchain, allowing users with several multiple blockchains choices allowing for increased flexibility and control.
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Also Read: Ex-Coinbase, Goldman Sachs Exec Launches New Crypto Exchange on PayPal Stablecoin
