PayPal allows business accounts to make transactions with cryptocurrency

Customers were given this opportunity back in 2020

26.09.2024 - 10:05

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What’s new? Payment company PayPal has opened up the ability for business accounts in the United States to buy, store and sell cryptocurrency, as well as its on-chain transfers using external accounts. At launch, the feature is not available in New York State. According to a press release, the move is aimed at increasing the utility of cryptocurrency by making the new feature available to millions of merchants in the country.

Press release

What else is known? Back in 2020, the ability to buy, sell, and store cryptocurrency was made available to PayPal and Venmo users. After that, as PayPal’s senior vice president of blockchain, Jose Fernandez da Ponte, noted, businesses requested similar functionality.

PayPal continues to actively develop businesses using cryptocurrencies. In 2023, PayPal partnered with fintech company Paxos to launch the PayPal USD (PYUSD) stablecoin on the Ethereum blockchain. In April 2024, it added support for PYUSD on the Xoom money transfer platform, allowing customers to pay no fees when using the asset for transactions.

In May, PYUSD was launched on the Solana blockchain, opening up the possibility of confidential transfers.

PayPal ranks seventh in the stablecoin ranking and 110th in the overall list of cryptocurrencies by market capitalization, with a value of $709,3 million. Shares of PayPal under the ticker PYPL are trading at $77,36 on the Nasdaq, having lost 1,25% over the day. Over the month, the value of securities rose by 7,3%, and since the beginning of the year growth amounted to 26,4%.