Crypto transactions for businesses introduced by PayPal in the US.
Key Takeaways
- PayPal has enabled cryptocurrency transactions for US business accounts.
- PYUSD, PayPal's stablecoin, is now available on the Solana blockchain.
PayPal, announced today that US merchants can now buy, hold, and sell crypto assets directly from their PayPal business accounts.
“Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers. We’re excited to meet that demand,” said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal.
In addition to buying and selling, PayPal business accounts will now be able to send and receive tokens on-chain to third-party wallets. However, all of these features will not be available at launch in New York State.
PayPal has been increasing its crypto capabilities since 2020, when it first allowed customers to buy, hold, and sell crypto through PayPal and Venmo accounts.
In 2023, PayPal launched its US dollar-denominated stablecoin, PayPal USD (PYUSD), which is fully backed by US dollar deposits, Treasuries, and cash equivalents. PYUSD recently became available on the Solana blockchain, giving users the flexibility to use multiple blockchains for their transactions.
In April 2024, PayPal enabled PYUSD as a funding option for its Xoom platform, offering users the ability to pay no transaction fees when using PYUSD for transfers to friends and family abroad.
