Bitrabo Editorial
On Wednesday, PayPal revealed new capabilities allowing merchants in the United States to directly purchase, store, and sell cryptocurrency via their business accounts. This feature is designed to enhance the functionality of digital currencies, making it simpler for users and businesses to manage their crypto assets.
Enhanced Crypto Management Features
Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal, emphasized the company’s dedication to catering to user needs with this update, stating:
Since we enabled consumers on PayPal and Venmo to buy, sell, and store cryptocurrency, we’ve gained valuable insight into their usage preferences.
The announcement reflects that business owners have shown significant interest in similar functionalities, prompting PayPal to broaden its services to simplify the interaction for merchants within the digital currency realm.
Support for External Wallet Transfers
In addition to standard transactions, the company announced that it now allows merchants to transfer cryptocurrency to and from external wallets. This capability enables business account holders to send and receive certain supported cryptocurrencies to eligible third-party wallets.
PayPal has been a pioneer in integrating cryptocurrencies into its services. In 2020, the company gained attention by allowing users to interact with cryptocurrencies through their PayPal and Venmo accounts.
This was followed by the launch of PayPal USD (PYUSD), a stablecoin pegged to the US dollar, in 2023. PYUSD has since been incorporated into the Xoom platform, facilitating fee-free international money transfers when utilizing the stablecoin.
Recently, the firm also expanded PYUSD’s availability on the Solana blockchain. However, it is crucial to mention that the new feature introduced this Wednesday will not be accessible to businesses in New York State at launch.
Featured image from DALL-E, chart from TradingView.com