PayPal Enables Business Accounts to Buy, Hold, and Trade Bitcoin and Cryptocurrencies

PayPal has introduced a new feature allowing business accounts to buy, hold, and sell Bitcoin and other cryptocurrencies. This functionality is available to merchants across the United States, except for those in New York State.

PayPal announced the launch of this new feature specifically designed for U.S. merchants.

Now, U.S. merchants can directly purchase, hold, and sell Bitcoin and cryptocurrencies from their PayPal business accounts.

This newly launched feature for business accounts is currently unavailable in New York State.

In addition to the existing features for end consumers, PayPal has now extended this capability to business accounts.

Beyond enabling business accounts to buy, hold, and sell Bitcoin and cryptocurrencies, PayPal offers additional benefits for business accounts.

In fact, PayPal appears to allow U.S. merchants to transfer cryptocurrencies from external sources to eligible third-party wallets.

In other words, PayPal business account holders can now send and receive approved cryptocurrency tokens to and from external blockchain addresses.

With this announcement, PayPal has taken another step towards broader cryptocurrency adoption. In 2020, the digital payments giant announced that its customers could buy, hold, and sell cryptocurrencies directly from their PayPal and Venmo accounts, marking the beginning of this journey.

Moreover, PayPal’s focus on the cryptocurrency space is evident with the launch of its own stablecoin, PayPal USD (PYUSD), which is pegged to the U.S. dollar.

In April 2024, the Xoom platform enabled PYUSD as a funding tool, allowing users to make eligible remittances to friends and family abroad without any transaction fees when using PayPal’s stablecoin.

Additionally, the Solana blockchain recently integrated PYUSD, giving users the option to choose from multiple blockchains, enhancing their control and flexibility.

One of the latest developments in the cryptocurrency and PayPal industry is the collaboration with Ethereum Name Service (ENS).

PayPal and Venmo have agreed to integrate ENS blockchain domains for their customers. PayPal and Venmo users can now enter their ENS addresses when transferring cryptocurrencies.

The platform will now be able to recognize digital wallet addresses associated with users’ ENS identities, an additional effort by PayPal to support cryptocurrency adoption.

The cryptocurrency community recognizes ENS for providing Ethereum users with human-readable and simple names, as opposed to the traditionally lengthy alphanumeric blockchain addresses associated with digital wallets.

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