However, it’s worth noting that this feature will not be accessible to users in New York State at the time of launch. This move represents PayPal’s ongoing effort to enhance the utility of cryptocurrencies by providing more options to millions of US merchants.
Representatives from PayPal noted that feedback from consumers using PayPal and Venmo has informed the company’s approach to cryptocurrency offerings. They mentioned that business owners have increasingly sought similar capabilities, leading to the development of this new functionality to facilitate easier engagement with digital currencies.
In addition to the new capabilities for business accounts, PayPal is allowing US merchants to transfer cryptocurrency to third-party eligible wallets. This means that business account holders can now send and receive supported cryptocurrencies to and from external blockchain addresses.
PayPal has been proactive in enhancing the use of cryptocurrency over the past few years. In 2020, the company introduced the ability for customers to buy, hold, and sell cryptocurrencies directly from their PayPal and Venmo accounts.
More recently, in 2023, it launched a US dollar-backed stablecoin, PayPal USD (PYUSD). Furthermore, in April 2024, PayPal integrated PYUSD as a funding option for its Xoom platform, enabling users to transfer funds to friends and family abroad without incurring transaction fees when using PYUSD.
Additionally, PYUSD was made available on the Solana blockchain, offering users a wider selection of blockchain options for increased flexibility and control. The availability of PYUSD on the Solana blockchain gave users the option to choose between multiple blockchains, significantly increasing their flexibility and control over transactions.
Officials from PayPal said that for more than 25 years, they have been at the forefront of digital commerce, revolutionising it by providing a trusted experience between consumers and merchants around the world. PayPal USD was created with the intent to augment commerce again by providing a fast, easy, and inexpensive payment method for the next evolution of the digital economy.
For more information about PayPal, please check out their detailed profile in our dedicated, industry-specific Company Database.
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