PayPal enables US business accounts to buy, hold, and sell cryptocurrency

PayPal Holdings, Inc. (NASDAQ: PYPL) announced on Wednesday that it is rolling out the ability for U.S. business account holders to buy, hold, and sell cryptocurrency directly from their PayPal accounts. This new offering marks a significant step in increasing the functionality of cryptocurrency for millions of merchants across the United States, though it will not be available in New York State at launch.

“Since we launched the ability for PayPal and Venmo consumers to buy, sell, and hold cryptocurrency in their wallets, we have learned a lot about how they want to use their cryptocurrency,” said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal. “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, empowering them to engage with digital currencies effortlessly.”

In addition to these expanded functionalities, PayPal is enabling U.S. merchants to externally transfer cryptocurrency on-chain to third-party eligible wallets. This means that PayPal business account holders can now send and receive supported cryptocurrencies to and from external blockchain addresses, further integrating digital currency into their operations.

PayPal has been progressively advancing its cryptocurrency capabilities over the last few years. In 2020, the company allowed its customers to buy, hold, and sell cryptocurrencies directly from PayPal and Venmo accounts. Last year, PayPal introduced its U.S. dollar-denominated stablecoin, PayPal USD (PYUSD), and enabled PYUSD as a funding option for its Xoom platform in April 2024, allowing users to transfer funds abroad without transaction fees when using PYUSD.

The company’s most recent development includes making PYUSD available on the Solana blockchain, giving users additional flexibility in selecting blockchain platforms.