Online payment giant PayPal has introduced new crypto services for business accounts, allowing US merchants, with the exception of those based in New York, to buy, sell, and trade cryptocurrencies.
This change, announced on September 25, gives businesses access to crypto tools that were already available to individual users.
“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,” said Jose Fernandez da Ponte, PayPal’s senior vice president of blockchain, cryptocurrency, and digital currencies.
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In addition to buying, selling, and trading, merchants will have the option to transfer their crypto holdings to external wallets or use cold storage, ensuring their assets are safe.
PayPal has been involved with cryptocurrency for some time. In August 2023, it launched PayPal USD (PYUSD), a stablecoin issued by Paxos and backed by the US dollar, short-term Treasury bills, and other cash-like instruments.
More recently, PYUSD has expanded to the Solana blockchain. This expansion brought new features like confidential transfers, ensuring transaction amount confidentiality while still adhering to regulatory requirements.
Furthermore, earlier this month, PayPal partnered with Ethereum Name Service (ENS). This collaboration simplified crypto transfers by replacing long, complex wallet addresses with user-friendly identifiers.
Overall, the expansion of PayPal’s crypto services aims to make digital currency more accessible and manageable, further solidifying its role in crypto.
Gode is a Web3 Market Analyst who researches the most important industry events and interprets how they affect the wider Web3 space. Her formal education in media culture & digital rhetoric allows her to employ a methodical approach to evaluating critical Web3 news data, including large-scale events and the wider social sentiment within the ecosystem.Gode is a mutilingual professional, having studied in multiple universities all across Europe. This allows her to have a one-of-a-kind opportunity to analyze Web3 social sentiments spanning different cultures and languages and, in turn, develop a much deeper understanding of how the Web3 space is growing within different communities. With the rest of her team, Gode works to identify crucial crypto news patterns and provide unbiased and data-driven information.Gode’s passions include working and communicating with people, and when she’s not researching Web3 news, she spends her time traveling and watching true crime documentaries.
