PayPal Introduces Cryptocurrency Capabilities for Business Accounts
Release: 2024/09/27 00:54 Reading: 858
PayPal Expands Crypto Services to Include Businesses
On September 25, 2024, PayPal Holdings, Inc. (NASDAQ: PYPL) announced the launch of a new service that enables U.S. business account holders to buy, hold, and sell cryptocurrency directly from their PayPal accounts. Initially, this feature will not be available to businesses operating in New York State.
PayPal's Commitment to Cryptocurrency Innovation
PayPal's Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, Jose Fernandez da Ponte, stated that user feedback has been instrumental in shaping this new offering. "We've gained valuable insights into how users want to use their cryptocurrency," said Fernandez da Ponte. "Business owners have also expressed a growing interest in the same cryptocurrency options available to consumers, and we're excited to provide this service to meet that demand."
In addition to allowing businesses to manage cryptocurrency within their PayPal accounts, PayPal is also enabling U.S. merchants to transfer cryptocurrency externally. Businesses can now send and receive supported cryptocurrencies on-chain using their PayPal business accounts.
PayPal's Steady Crypto Involvement
PayPal has been steadily increasing its involvement in the cryptocurrency space. In 2020, the company introduced the ability for customers to buy, hold, and sell cryptocurrency using their PayPal and Venmo accounts. In 2023, PayPal launched its U.S. dollar-pegged stablecoin, PayPal USD (PYUSD). Recently, in April 2024, PayPal made PYUSD available as a funding option for its Xoom platform, allowing users to send money abroad without transaction fees. Additionally, PayPal has made PYUSD available on the Solana blockchain, providing users with flexibility in choosing among multiple blockchains.
Understanding PayPal USD (PYUSD)
PayPal USD is a stablecoin issued by Paxos Trust Company, which is licensed by the New York State Department of Financial Services. The stablecoin is fully backed by U.S. dollar reserves and maintains a fixed value of $1.00 per unit. It can be purchased and sold through PayPal and Venmo.
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