PayPal announced that merchants in the United States can buy, store, and sell cryptocurrencies directly from their business accounts on the platform. This expansion is part of the company's strategy to «increase the utility» of cryptocurrencies. The service, which is already available in the United States, except in New York City, allows PayPal business account holders to interact with cryptocurrencies, as detailed by the company in a statement. «Business owners have increasingly expressed their desire to have the same cryptocurrency capabilities available to consumers,» said José Fernández da Ponte, senior vice president of Blockchain, Cryptocurrencies and Digital Currencies at PayPal. According to the company, this measure expands the functionalities that PayPal has already offered to consumers since 2020, when it allowed its customers to buy, hold and sell cryptocurrencies PayPal and Venmo have launched their own stablecoins through their platforms, both PayPal and Venmo. Merchants can now also transfer cryptocurrencies externally to supported third-party wallets, thus increasing flexibility and control over their digital assets. The inclusion of merchant accounts in this cryptocurrency scheme reflects the growing acceptance of these assets in digital commerce, and also PayPal's adaptation to market demands. In 2023, PayPal took a significant step by launching its own stablecoin, PayPal USD (PYUSD), backed by the US dollar. Recently, PYUSD was integrated into the Solana blockchain, expanding the options for users and merchants. This expansion of services is not available for personal accounts or merchants outside the United States, which could be seen as a first step towards future international expansion.considering the global interest in cryptocurrencies.
This article was created using artificial intelligence and edited by a human on the editorial staff.