PayPal allows business accounts to buy, hold and sell Bitcoin and Crypto

PayPal Holdings, Inc. (NASDAQ: PYPL) has enabled US business account holders to buy, hold and sell cryptocurrencies supported on its platform, such as Bitcoin, directly from their PayPal accounts. While the service is available nationwide, it will not be available in New York state at launch, PayPal said.

“Since we launched the ability for PayPal and Venmo consumers to buy, sell and hold cryptocurrency in their wallets, we’ve learned a lot about how they want to use their cryptocurrency,” said Jose Fernandez da Ponte, Senior Vice President of Blockchain. Cryptocurrencies and Digital Currencies at PayPal. “Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers. We are excited to meet this demand by offering this new offering, empowering them to engage with digital currencies effortlessly.”

In addition to buying and selling, US traders can now transfer cryptocurrencies externally to third-party wallets. This new functionality further increases the flexibility of crypto transactions for businesses.

PayPal’s expansion to allow businesses to buy and hold Bitcoin and crypto on its platform builds on its growing digital currency initiatives. This includes launching consumer crypto services in 2020 and introducing its US dollar-backed stablecoin, PayPal USD (PYUSD), in 2023.