PayPal Enables U.S. Merchants to Buy, Hold, and Sell Cryptocurrency
PayPal Holdings, Inc. (NASDAQ: PYPL) 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 is aimed at increasing the utility of cryptocurrency by providing enhanced features to millions of merchants across the country.
« Since the launch of the ability for PayPal and Venmo users to engage with cryptocurrency in their wallets, we have gained valuable insights into how they wish to utilize their digital assets, » said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal. « Business owners have shown a growing interest in having access to the same cryptocurrency capabilities as consumers. We are pleased to meet this demand by introducing this new offering, which will enable them to seamlessly interact with digital currencies. »
External Transfer of Cryptocurrency Now Available for U.S. Merchants
In addition to enabling U.S. merchants to buy, hold, and sell cryptocurrency, PayPal is now allowing them to transfer cryptocurrency externally to third-party eligible wallets on chain. This means that holders of PayPal business accounts can send and receive supported cryptocurrency tokens to and from external blockchain addresses.
Continued Efforts to Enhance Cryptocurrency Utilization
PayPal has been taking significant steps to expand the use of cryptocurrency. In 2020, the company introduced the ability for customers to buy, hold, and sell cryptocurrency directly from their PayPal and Venmo accounts. Subsequent initiatives included the launch of a U.S. dollar-denominated stablecoin, PayPal USD (PYUSD), in 2023. In April 2024, PayPal enabled PYUSD as a funding instrument for its Xoom platform, allowing users to make fee-free transfers to friends and family abroad when using PYUSD. Most recently, PYUSD was integrated into the Solana blockchain, offering users the option of multiple blockchains for added flexibility and control.
PayPal USD is issued by Paxos Trust Company, a fully chartered limited purpose trust company licensed by the New York State Department of Financial Services to engage in Virtual Currency Business Activity. Reserves for PayPal USD are backed by U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents, with a fixed rate of $1.00 per PayPal USD for buying and selling through PayPal and Venmo. Issuance and custody of PayPal USD are handled by Paxos Trust Company, LLC.
About PayPal
PayPal has been at the forefront of revolutionizing global commerce for over 25 years. The company focuses on creating innovative experiences that simplify and secure money transfers, sales, and shopping for consumers and businesses in approximately 200 markets worldwide. For more information, visit the official PayPal website.
Source : www.prnewswire.com