PayPal Expands Cryptocurrency Services to Business Accounts

Payment giant PayPal has enabled corporate clients in the United States to buy, hold, and sell cryptocurrencies directly from their business accounts. This was announced in a statement by the company. 

“Since launching the ability to buy, sell, and hold cryptocurrencies for PayPal and Venmo users in their wallets, we have learned a lot about how they want to use their digital assets. Business owners increasingly express a desire to have the same cryptocurrency functionalities available to consumers,” commented Jose Fernandez da Ponte, PayPal’s Senior Vice President for Blockchain, Crypto, and Digital Assets.

Business account holders can also conduct external blockchain transfers of coins to third-party wallets.

In 2020, the payment company announced the launch of buying, selling, and holding Bitcoin and other cryptocurrencies. Later, PayPal-owned mobile service Venmo added similar functionality.

In August 2023, the firm announced the launch of the stablecoin PYUSD. By July 2024, its market capitalization surpassed $500 million thanks to Solana integration.