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Cryptocurrency News Articles
PayPal (PYPL) Enables U.S. Business Accounts to Buy, Hold and Sell Crypto
Sep 26, 2024 at 03:34 am
The service won't be available to New York state businesses in the beginning.
PayPal (NASDAQ:PYPL) will now allow its business clients in the U.S. to buy, hold and sell cryptocurrency directly from their accounts.
The service, which will be available starting Wednesday, will allow businesses to access the crypto market through PayPal Business Hub. It will initially offer Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
"Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers," said Jose Fernandez da Ponte, senior vice president of blockchain, cryptocurrency, and digital currencies at PayPal, in a statement.
The payments company will also allow U.S. merchants to externally transfer cryptocurrency on-chain to "eligible" third-party wallets, according to the statement.
To start, the service will be unavailable to business clients in New York State, the company said, without giving a timetable for when that would change. The company is one of the 20 or so recipients of the Empire State's notoriously stringent BitLicense. It also has a trust license from the state's Department of Financial Services.
Since 2020, PayPal has allowed consumers to buy, hold and sell cryptocurrencies directly from their accounts. Last year, it unveiled its U.S. dollar-denominated stablecoin, PayPal USD (PYUSD), which reached a $1 billion market cap this summer.
Read more: PayPal's Stablecoin Hits $1B Market Cap as Incentives Boost Activity on Solana
PayPal stock rose 1.3% in premarket trading.
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