PayPal Enables 30 Million U.S. Merchants to Buy, Hold, and Sell Cryptocurrency

Sep 25, 2024, 07:26 PM

PayPal has announced that it is enabling its U.S. merchants to buy, hold, and sell cryptocurrency directly from their PayPal business accounts. This new feature allows business account holders to send and receive supported cryptocurrency tokens to and from external blockchain addresses. The functionality will not be available in New York State at launch. This move is seen as a significant milestone in enhancing the utility of digital assets for millions of merchants in the U.S. PayPal's decision to enable cryptocurrency transactions for business accounts highlights the growing adoption of digital currencies in commerce. PayPal has over 30 million merchants, and the announcement mentions the Solana-based $PYUSD stablecoin.