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Global payments giant PayPal will allow U.S. business account holders to buy, sell, and hold cryptocurrencies directly from their accounts. Global payments giant PayPal has unveiled new features allowing U.S. business account holders to buy, sell, and hold cryptocurrencies directly from their accounts. The move comes as more business clients seek access to crypto services available to consumers. PayPal also intends to expand its cryptocurrency features into regular business operations. According to the statement, this feature will be unavailable in New York State. PayPal’s peer-to-peer payments app Venmo initially allowed clients to manage cryptocurrency in 2020. Since then, they have “continuously made significant steps to increase cryptocurrency utilization,” the statement read. “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,” said Jose Fernandez da Ponte, senior VP of blockchain, cryptocurrency, and digital currency at PayPal. According to PayPal’s statement, the new features of crypto services for business accounts aim to boost crypto’s real-world utility. The company’s latest move is a response to business owners who have been asking for access to crypto services since the platform launched its consumer-level digital currency services. “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,” Fernandez da Ponte added. PayPal stock has climbed roughly 26% this year, suggesting positive sentiment from investors. Businesses can Now Transfer Cryptocurrency On-Chain to External Wallets In addition to the new buying and selling ability, U.S. merchants can now transfer cryptocurrencies to third-party wallets. This new functionality extends the flexibility of digital currency transactions for businesses. “PayPal business account holders can…

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Filed under: News - @ September 27, 2024 3:06 am