PayPal Introduces New Crypto Features for U.S. Business Clients

Enhanced Crypto Functionality for PayPal Business Accounts

PayPal has rolled out new functionality for its U.S. business clients, offering the ability to buy, hold, and sell cryptocurrencies. This service, announced recently, will not be available initially in New York State.

New Opportunities for U.S. Merchants

U.S. merchants using PayPal can now transfer cryptocurrencies on-chain to third-party eligible wallets externally. This upgraded feature allows PayPal business account holders to send and receive supported crypto tokens to and from external blockchain addresses.

Strategy to Boost Crypto Utility for U.S. Clients

These developments align with PayPal’s strategy to enhance crypto utility for its U.S. clientele by adding more functionality. The company aims to provide a seamless crypto experience for both consumers and businesses.

Jose Fernandez da Ponte’s Insights

Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal, mentioned, “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.”

Continuing Innovation in Crypto Services

PayPal embarked on its crypto journey in 2020, allowing customers to engage in cryptocurrency transactions directly from their PayPal and Venmo accounts. Over the years, the company has evolved its crypto strategy, introducing features like “Checkout with Crypto” in March 2021 and launching the PayPal Stablecoin (PYUSD) on Ethereum, later expanding to Solana.