PayPal has announced that millions of U.S. merchants can now buy, hold, and sell cryptocurrencies directly from their business accounts. However, this new feature will not be immediately available in New York.
This move is part of PayPal’s broader effort to increase the utility of digital assets.
Last August, the company introduced its stablecoin, PayPal USD (PYUSD), which was later made available on Venmo. PayPal initially launched crypto trading for its customers in October 2020, offering Bitcoin, Ethereum, and two other altcoins.
This expansion into crypto coincided with the major bull run in late 2020; since then, PayPal has steadily broadened its cryptocurrency services. By 2021, U.S. customers could use crypto to pay merchants, and UK users were also granted access to crypto transactions.
Jose Fernandez da Ponte, PayPal’s head of crypto, highlighted the growing demand from business owners for the same crypto services that were already available to individual consumers.
Image Credit: Pixabay
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