PayPal Holdings, Inc. (NASDAQ: PYPL) has enabled its U.S. business account holders to buy, hold, and sell cryptocurrency supported on its platform, such as Bitcoin, directly from their PayPal accounts. While this service is available nationwide, it will not be available in New York State at launch, PayPal stated.
"Since we launched the ability for PayPal and Venmo consumers to buy, sell, and hold cryptocurrency in their wallets, we have learned a lot about how they want to use their cryptocurrency," said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal. "Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers. We’re excited to meet that demand by delivering this new offering, empowering them to engage with digital currencies effortlessly."
Key Features of PayPal’s Crypto Services for Businesses
- Buy, Hold, and Sell Crypto: Businesses can now manage Bitcoin and other supported cryptocurrencies directly within their PayPal accounts.
- External Transfers: U.S. merchants can transfer cryptocurrency to third-party wallets, enhancing transactional flexibility.
- Stablecoin Integration: PayPal’s PYUSD (PayPal USD) stablecoin, launched in 2023, complements its crypto ecosystem.
PayPal’s Crypto Evolution
PayPal’s expansion into business crypto services follows its earlier milestones:
- 2020: Launched consumer crypto trading for Venmo and PayPal users.
- 2023: Introduced PYUSD, a USD-backed stablecoin for seamless digital transactions.
This move aligns with growing demand for crypto payment solutions among enterprises, bridging traditional finance and decentralized currencies.
FAQ: PayPal’s Business Crypto Services
Q: Which cryptocurrencies are supported for PayPal business accounts?
A: Initially, Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and PayPal’s PYUSD stablecoin.
Q: Can businesses withdraw crypto to external wallets?
A: Yes, U.S. merchants can transfer supported cryptocurrencies to third-party wallets.
Q: Why is New York excluded from this service?
A: Due to stringent NY state regulations, PayPal is awaiting compliance approvals before rollout.
Q: How does PayPal’s PYUSD stablecoin benefit businesses?
A: PYUSD offers price stability pegged to the U.S. dollar, reducing volatility risks in transactions.
Why This Matters for Enterprises
👉 Explore how crypto integrations like PayPal’s can streamline your business payments.
- Financial Flexibility: Businesses gain exposure to crypto markets without needing external exchanges.
- Global Reach: Crypto transactions reduce cross-border friction and fees.
- Innovation Adoption: Early adopters position themselves competitively in the digital economy.
PayPal’s initiative underscores the accelerating institutional adoption of cryptocurrencies, offering businesses a trusted gateway into blockchain-based finance.
👉 Discover more about crypto payment solutions for your enterprise.