PayPal has announced that US business accounts can now buy, sell, and store cryptocurrencies, furthering its commitment to crypto adoption. This feature, revealed on September 25, allows millions of merchants to engage directly with the digital asset market through their PayPal accounts. However, due to regulatory limitations, the service will not be available in New York initially.
This development is part of PayPal’s broader strategy to enhance digital asset management options for businesses. By allowing business owners to handle cryptocurrencies alongside traditional transactions, PayPal streamlines the process for merchants wanting to incorporate crypto into their operations.
Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, stated, “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.”
This new functionality permits business accounts to send and receive cryptocurrencies from third-party wallets, enhancing how merchants manage their crypto transactions and simplifying cross-border payments.
PayPal's foray into the crypto industry began in 2020, when it enabled personal account users to buy, hold, and sell cryptocurrencies directly. This move was significant in fostering mainstream adoption of digital currencies, as it provided millions with access to crypto without needing specialised exchanges.
In 2023, PayPal launched PayPal USD (PYUSD), a US dollar-backed stablecoin on the Ethereum network, designed to facilitate digital transactions. In May 2024, the functionality of PYUSD expanded to the Solana blockchain, enhancing its flexibility.
However, PYUSD faced challenges, experiencing a nearly 30% decline in market cap between August and September 2024, falling from $1.012 billion to $712.52 million due to decreased demand on the Solana platform. Despite these setbacks, PYUSD remains one of the top stablecoins, and PayPal's ongoing efforts to promote its use could help stabilise its position in the market.
PYUSD Market Capitalization. Source:DefiLlama
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