PayPal is set to allow business accounts to buy and sell cryptocurrencies

• PayPal has announced that it will begin allowing business accounts in the US to buy, sell and hold crypto assets.
• However, the feature will be unavailable for business accounts in New York.
• US traders can also transfer their on-chain crypto holdings to third-party wallets.

PayPal announced Monday that it will begin allowing users of business accounts in the US to buy, sell and hold cryptocurrencies, with the exception of merchants in New York.

PayPal allows US merchants to buy and sell crypto

Fintech giant PayPal revealed in a press release that it plans to allow business accounts in the US to buy, store and sell cryptocurrencies. The firm says it aims to facilitate easier access to cryptocurrencies among US merchants.

“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, PayPal.

This functionality aims to meet the growing demand from business owners for capabilities already available to consumers. PayPal also stated that business accounts based in New York will not have access to this new feature after its launch.

Additionally, merchants will be able to easily send and receive supported assets to and from eligible blockchain addresses, further expanding their operational flexibility.

PayPal has made strides in advancing the availability of digital assets to its customers after announcing that users can use their accounts to buy and hold crypto in 2020.

Since then, the firm has maintained a positive attitude towards crypto by launching its USD-backed stablecoin, PayPal USD (PYUSD), available on both the Ethereum and Solana blockchains.