PayPal Making Crypto Access More Efficient

PayPal has announced this week that it will allow US businesses to buy, sell and hold crypto assets.

However, the function is not available to business accounts in New York. PayPal states that the function will allow for greater efficiency for US merchants to access crypto.

Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal states that “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”.

This functionality will allow merchants to send and receive supporting assets with ease, both to and from, their eligible blockchain addresses.

This is another exciting development for PayPal, who have been making advancements in digital asset availability to it’s customers, since 2020, after it announced that users could use their accounts to buy and hold crypto.

In August 2023, PayPal launched it’s USD backed stablecoin PYUSD, PayPal USD- which is available on the Ethereum and Solana blockchains.

The Fintech giant seems to be displaying a positive and supportive mindset towards crypto- let’s see what happens next….