With the exception of New York State, PayPal Holdings has extended its cryptocurrency services to allow American retailers to purchase, store, and trade cryptocurrencies straight from their PayPal business accounts. This move responds to growing demand from business owners for cryptocurrency functionality similar to that offered to consumers. Merchants will also be able to send and receive supported tokens to and from external blockchain wallets, allowing for seamless interaction with digital currencies beyond the PayPal ecosystem. This development further underscores PayPal’s efforts to increase the utility of cryptocurrency for businesses across the U.S.
This announcement builds on PayPal’s previous initiatives aimed at integrating cryptocurrency into mainstream financial systems. Since 2020, PayPal has allowed its customers to buy, sell, and hold cryptocurrencies on its platform. In 2023, it introduced a U.S. dollar-denominated stablecoin, PayPal USD (PYUSD), issued by Paxos Trust Company. PYUSD can now be used for no-fee transfers on PayPal’s Xoom platform and has recently been added to the Solana blockchain.
