PayPal Holdings (PYPL.O) announced on Wednesday that it will enable U.S. merchants to buy, hold, and sell cryptocurrency directly from their business accounts. This move comes as cryptocurrency gains wider acceptance, particularly following the recent approval of Bitcoin exchange-traded funds by the U.S. SEC.
Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, noted that business owners are increasingly seeking the same cryptocurrency capabilities offered to consumers. Since entering the cryptocurrency market in 2020, PayPal has allowed users to buy, sell, and hold various virtual currencies.
The San Jose-based company also launched a dollar-backed stablecoin in August 2023, providing users with a more stable crypto investment option. While merchants can now transfer cryptocurrency to third-party wallets, these services will not be available for business accounts in New York State at launch. PayPal shares have surged nearly 26% this year, reflecting growing investor confidence in its cryptocurrency initiatives.
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