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In a significant move reflecting its growing focus on digital currencies, PayPal Holdings, Inc. (NASDAQ: PYPL) has announced that U.S. PayPal business account holders can now buy, hold, and sell cryptocurrencies directly from their accounts. This latest offering responds to increasing demand from business owners interested in managing digital assets. According to Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, the company made this decision due to its user feedback. He stated:
“Since we launched the ability for PayPal and Venmo consumers to buy, sell, and hold cryptocurrency in their wallets, we have learned a lot about how they want to use their cryptocurrency. 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.”
PayPal Business Account Holders Can Now Buy, Hold & Sell Bitcoin & Crypto
The new feature allows U.S. vendors and businesses to seamlessly purchase and sell cryptocurrencies, for instance, Bitcoin, directly from their PayPal accounts. Moreover, the update allows businesses to transfer cryptocurrencies externally to third-party wallets, providing even greater flexibility and control over their digital assets. Sources claim that this service will be launched nationwide, but it will not initially be available in New York State due to local regulatory restrictions.
PayPal has been gradually extending its cryptocurrency services since the launch of consumer crypto trading in 2020. Its U.S. business account holders can now access these same capabilities, marking a noteworthy milestone in the company’s digital currency strategy. By allowing businesses to buy, sell, and hold cryptocurrencies, PayPal aims to position itself as a key player in the growing digital asset ecosystem. With more companies and consumers embracing digital currencies, this action will help further integrate cryptocurrencies into mainstream commerce.
As PayPal continues to evolve its cryptocurrency services, the new business crypto offering highlights the company’s commitment to supporting the future of finance. Both consumers and businesses are now able to manage digital currencies on the platform, with PayPal providing the tools needed for broader crypto adoption.
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