PayPal allows business accounts to buy, hold and sell crypto

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PayPal, announced today, US merchants can now buy, hold and sell crypto assets directly from their PayPal business accounts.

“Business owners have increasingly expressed a desire to have the same cryptocurrency capabilities available to consumers. We are excited to meet this demand,” said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency and Digital Currencies at PayPal.

In addition to buying and selling, PayPal business accounts will now be able to send and receive on-chain tokens to third-party wallets. However, not all of these features will be available at launch in New York State.

PayPal has increased its crypto capabilities since 2020, when it first allowed customers to buy, hold, and sell crypto through PayPal and Venmo accounts.

In 2023, PayPal launched its US dollar stablecoin, PayPal USD (PYUSD), which is fully backed by US dollar deposits, treasury and cash equivalents. PYUSD recently became available on the Solana blockchain, giving users the flexibility to use multiple blockchains for their transactions.

In April 2024, PayPal enabled PYUSD as a funding option for its Xoom platform, giving users the option to pay no transaction fees when using PYUSD to transfer to friends and family abroad.

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