PayPal has rolled out a new update, enabling U.S. businesses to buy, hold, sell, and transfer cryptocurrencies directly from their business accounts. This feature, which was previously available to individual users, is now accessible to business owners, although it will initially be unavailable for business accounts in New York State.

The update highlights the growing interest of businesses in adopting digital currencies for both operations and investments. PayPal’s SVP of Blockchain, Cryptocurrency, and Digital Currencies, Jose Fernandez da Ponte, stated that the new functionality allows small businesses to engage with digital assets seamlessly.

In addition to buying, holding, and selling cryptocurrencies, businesses now have the option to deposit and withdraw assets to and from external wallets, offering more flexibility for managing their digital assets outside the PayPal platform.

This development builds on PayPal’s earlier ventures in the crypto space, such as the introduction of its stablecoin, PayPal USD (PYUSD), in 2023. PYUSD, which is backed by USD deposits and U.S. Treasuries, is usable across PayPal, Venmo, and for cross-border transactions through Xoom.

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Through this update, PayPal is further solidifying its presence in the cryptocurrency market and providing companies with enhanced tools to manage their digital assets more effectively.

Source: cryptotimes.io

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