PayPal Enables U.S. Merchants to Buy, Hold, and Sell Cryptocurrency
PayPal Holdings, Inc. has announced that it is now allowing its U.S. merchants to purchase, store, and trade cryptocurrency directly from their PayPal business accounts. This new functionality aims to make digital currencies more accessible to millions of businesses across the country.
According to Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal, the company has responded to the growing demand from business owners who want to have the same cryptocurrency capabilities as consumers. This offering will enable businesses to easily transact with digital currencies and expand their financial options.
External Transfer of Cryptocurrency for Business Accounts
In addition to allowing U.S. merchants to buy, hold, and sell cryptocurrency, PayPal is also enabling them to transfer cryptocurrency externally to third-party eligible wallets. This means that businesses can now send and receive supported cryptocurrency tokens to and from external blockchain addresses.
PayPal has been consistently increasing the utility of cryptocurrency for its users. In the past, the company has made significant announcements such as the availability of buying, holding, and selling cryptocurrency directly from PayPal and Venmo accounts, the launch of the U.S. dollar-denominated stablecoin PayPal USD (PYUSD), and the integration of PYUSD as a funding instrument for the Xoom platform.
About PayPal USD
PayPal USD (PYUSD) is issued by Paxos Trust Company, a licensed trust company authorized to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. PYUSD is fully backed by U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents, and can be bought or sold on PayPal and Venmo at a fixed rate of $1.00 per PYUSD.
The issuance and custody of PayPal USD are handled by Paxos Trust Company, LLC. Users can learn more about PayPal’s Cryptocurrency Terms and the Paxos Terms that also apply to PYUSD.
Source : newsroom.paypal-corp.com