PayPal Launches Crypto Services for US Business Accounts
PayPal Introduces Cryptocurrency Functions for Business Accounts
PayPal has issued an announcement that allows US business account holders to buy, sell, and hold cryptocurrencies directly through their PayPal accounts. This feature is a direct response to the burgeoning user demands for cryptocurrency services, aiming to explore practical applications of digital currencies.
Growth in Crypto Demand Among Businesses
According to Jose Fernandez da Ponte, Senior Vice President at PayPal, there has been a noticeable shift where business owners have requested access to the same crypto capabilities that consumers enjoy. He expressed excitement about meeting this demand.
- US merchants will be able to facilitate cross-chain crypto transfers.
- The option for merchants to withdraw their crypto savings is also included.
Enhanced Payment Options for Merchants
This new service not only increases functionality for merchants but also opens up diverse payment options, targeting a more tech-literate customer base. As cryptocurrency adoption accelerates, further developments from PayPal in this space are anticipated.
- 2020: PayPal allowed retail customers to buy, hold, and sell crypto.
- 2023: Launch of PayPal USD (PYUSD), a stablecoin pegged to the US dollar.
With services operational in over 200 regions and support for 25 fiat currencies, the future looks promising for PayPal's crypto initiatives.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.