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In an updated service, PayPal and a crypto operator now permit the purchase, sale, and transfer of virtual currency for American merchants and sellers via their business accounts except for New York state. PayPal’s service is now available for U.S. merchants enabling them to buy, sell, and transact using cryptocurrencies.
It means that business accounts can now receive and pay with cryptocurrencies to the wallets of other providers, which will provide additional options for PayPal merchants. Coins of PayPal, PYUSD, are anchored on the greenback & have recently launched on Solana for quicker and more versatile transactions.
PayPal plans to upgrade its service provision to clients by revealing new plans that will enable business people in the United States to purchase, sell, hold, and transfer cryptocurrencies using PayPal business accounts.
This new offering reflects the firm’s digital asset services for the individual clients to take digital currencies to millions of business persons across the country. However once the service is launched, it will be a restricted service to business accounts in the New York state.
PayPal Expands Cryptocurrency Offerings to Merchants
In a press release, PayPal announced it has rolled out a feature that allows the US sellers to buy, holds, and sell cryptocurrencies that include bitcoin in their PayPal business account. This is in light of many business people expressing interest in engaging in commercial activities and or managing companies through cryptos.
This move came when the same firm stated that business customers also require the same digital currency services as those offered to consummate customers.
Jose Fernandez da Ponte, who works as the Senior Vice President of Blockchain, Cryptocurrency and Digital currencies for the company, said; I have often described engaging in digital assets for small business owners as ‘frictionless.’ With this, PayPal business account holders can engage in the cryptocurrency transactions without the essence of changing their seat thus enhancing their relation with crypto.
Crypto Transfers to External Wallets Now Possible
The company will also enable US merchants to withdraw crypto out of the company’s account in addition to the buying, holding and selling functions. This means that business account holders can now buy, sell, transfer and receive supported cryptocurrencies to and from other third-party blockchain wallets.
This new feature extends the possibility of the company’s crypto services since it helps business entities to better control assets.
It is actually important in this new service to attempt to get as many digital assets as possible into the services. In addition, the company has also cultivated its development in digital currency by providing consumer cryptocurrencies in the year 2020.
PYUSD Stablecoin Integration
This announcement also links to the company’s previous activities in the direction of digital currencies, primarily the creation of its own stablecoin — PayPal USD (PYUSD). The company launched the digital dollar known as PYUSD in 2023, and it collateralizes the stablecoin with dollar deposits and other stable and secure assets, including US Treasury securities.
You can purchase and sell, or save, the PYUSD stablecoin on the PayPal and Venmo platforms at a purchasing power per PYUSD equal to one US dollar. Additionally, in April 2024, PayPal incorporated PYUSD as the funding method for the Xoom platform, enabling people to send money across borders without incurring transaction costs since PYUSD is a stablecoin.
At the same time, ex-Coinbase staff have chosen PYUSD stablecoin as the base for settlements of a new TrueX crypto exchange. Also, there is a reason for PYUSD, which has become available on Solana more recently, to provide users with the possibility to work in several blockchains for more transactions freedom and management.
