PayPal Makes Cryptocurrency Trading Easier for US Businesses

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PayPal Makes Cryptocurrency Trading Easier for US Businesses
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PayPal has announced another step in its expansion strategy in the digital asset sector, allowing companies in the United States to buy, sell, store and transfer cryptocurrencies through its platforms. The service will be available for business accounts, expanding the functionality offered by the company in the digital payments sector.

According to PayPal’s statement, the initiative aims to increase the utility of cryptocurrencies by allowing millions of merchants in the US to utilize these assets more easily. However, the company stressed that the functionality will not be available to merchant accounts in New York state, due to local regulatory restrictions.

This new feature for merchants follows a series of moves by PayPal to capture a larger share of the digital asset market. The company, which has already allowed PayPal and Venmo users to store cryptocurrencies since 2020, last year launched its own stablecoin, PYUSD, which is backed by the U.S. dollar. The stablecoin, which currently has a supply of about $350 million, operates on the Ethereum and Solana blockchains.

As Jose Fernandez da Ponte, senior vice president at PayPal, highlighted, the decision to expand crypto services to merchants is a response to growing demand from businesses.

PayPal Expands Cryptocurrency Services in the US

“Since we launched the ability for PayPal and Venmo consumers to buy, sell and store cryptocurrencies in their wallets, we’ve learned a lot about how they want to use these assets. Now, we’re excited to meet this demand from businesses by offering this new functionality and enabling them to engage with digital currencies more efficiently,” explained da Ponte.

In addition to buying and selling cryptocurrencies, PayPal will allow merchants to transfer these assets to eligible third-party wallets. Additionally, users will be able to receive supported tokens from external addresses. This significantly increases the possibilities for businesses looking to tap into the crypto market, using secure and widely recognized platforms like PayPal.

According to PayPal, the expectation is that the new feature will strengthen the company’s presence in the sector. The company has already been investing in several fronts in order to compete with other financial platforms focused on digital assets.

PayPal Makes Cryptocurrency Trading Easier for US Businesses

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PayPal Makes Cryptocurrency Trading Easier for US Businesses

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PayPal Makes Cryptocurrency Trading Easier for US Businesses

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