Company also provides the ability for business accounts to externally transfer cryptocurrency. 📲🔗
PayPal Holdings, Inc. (NASDAQ: PYPL) announced that U.S. merchants can now buy, hold, and sell cryptocurrency directly from their PayPal business accounts. 🚀 At launch, this functionality will not be available in New York State. 🗽
Today’s announcement is PayPal’s latest step toward increasing cryptocurrency’s utility, making new features available to millions of U.S. merchants. 🇺🇸
"Since we launched the ability for PayPal and Venmo consumers to buy, sell, and hold cryptocurrency in their wallets, we've learned how they want to use it," said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal. 💡 "Business owners increasingly desire the same cryptocurrency capabilities as consumers. We're excited to meet that demand with this offering, empowering them to engage with digital currencies effortlessly." ⚡
Additionally, PayPal is enabling U.S. merchants to transfer cryptocurrency on-chain to third-party eligible wallets. 📤💱 PayPal business account holders can now send and receive supported crypto tokens to and from external blockchain addresses. 🏦💻
PayPal has made significant strides in expanding cryptocurrency usage. In 2020, it enabled customers to buy, hold, and sell cryptocurrency on PayPal and Venmo. In 2023, PayPal launched its stablecoin, PayPal USD (PYUSD). 💵 In April 2024, PayPal enabled PYUSD as a funding instrument for Xoom, allowing fee-free transactions when using PYUSD for transfers abroad. 🌍✈️ Most recently, PYUSD was made available on the Solana blockchain, offering users more flexibility. 🌐
About PYUSD
PayPal USD is issued by Paxos Trust Company, a fully chartered trust company. 🏛️ Reserves for PYUSD are fully backed by U.S. dollar deposits, U.S. Treasuries, and cash equivalents. 💰 It can be bought or sold through PayPal and Venmo at a 1:1 rate with the U.S. dollar. 💲
Learn more about PayPal's Cryptocurrency Terms and Paxos Terms for PYUSD. 📝
