PayPal announced support for cryptocurrency for US business account holders. The fintech giant said the new service enables merchants to buy, hold, and sell digital assets directly through their PayPal business accounts.
However, this new functionality will not be available to businesses in New York at launch. PayPal’s decision to open cryptocurrency tools to businesses is reportedly a response to rising demand.
Onchain Crypto Transfers
Additionally, the new service allows US business account holders to transfer crypto on-chain to third-party wallets. According to the firm, this functionality will let merchants send and receive cryptocurrency to and from external blockchain addresses, enhancing the ability to manage digital assets.
The rollout reflects PayPal’s broader goal of integrating cryptocurrency into mainstream business operations. The company has been pushing for this trend since 2020 when it first allowed consumers to manage crypto within PayPal and Venmo.
Over the last few years, PayPal has expanded its offerings. In 2023, it launched its own stablecoin, PayPal USD (PYUSD), backed by US dollar reserves. It is used as a funding instrument across PayPal’s ecosystem, including for international transfers on Xoom, a PayPal-owned platform. Most recently, PYUSD was enabled on the Solana blockchain to give users flexibility by supporting multiple blockchain networks.
Last month, Crypto.com collaborated with PayPal to enable users to access cryptocurrency purchases. The offering makes it possible to transfer funds from PayPal to Crypto.com and purchase available crypto tokens by linking the wallets of the two platforms. The entities mentioned that this feature will soon expand to other markets outside the US.
PayPal Targets New Crypto Partnerships
Additionally, MoonPay partnered with PayPal to launch a crypto purchasing option for cryptocurrency app users in the US. This service allows users to access PayPal for transactions through wallet transfers, bank transfers, and debit cards. It aims to enhance the buying and trading of cryptocurrencies by linking traditional financial services and the crypto space.
According to the announcement, the collaboration between MoonPay and PayPal marks a significant milestone in the journey towards mainstream adoption of cryptocurrencies. Users have access to a wider range of digital assets as PayPal extends its offering of crypto tokens through MoonPay. Elsewhere, PayPal obtained FCA’s approval to offer digital asset services in the United Kingdom.
This article was written by Jared Kirui at www.financemagnates.com.
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