Quick take:
- The new functions mean that PayPal business account holders can now send and receive supported crypto tokens to and from external blockchain addresses.
- PayPal said the new functionality will initially not be offered to residents of New York State.
- The new features are part of the online payments company’s strategy of increasing crypto utility to US clients.
PayPal has introduced new functionality to U.S. business clients, enabling the buying, holding and selling of cryptocurrencies. Announcing the new features on Wednesday, the global online payments company said the service will initially not be offered in New York State.
PayPal is also enabling U.S. merchants to transfer cryptocurrency on-chain to third-party eligible wallets externally. The new functions mean that PayPal business account holders can now send and receive supported crypto tokens to and from external blockchain addresses.
The new features are part of PayPal’s strategy of increasing crypto utility by adding more functionality for US clients.
Commenting on the announcement, Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, PayPal said in a statement: “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.”
The company said the decision was driven by the desire shown by business owners to experience the same cryptocurrency capabilities available to consumers.
PayPal’s crypto journey began in 2020 when it enabled customer accounts to buy, hold and sell cryptocurrency directly from their PayPal and Venmo accounts.
The company has been advancing its crypto strategy over the past three years since launching “Checkout with Crypto” in March 2021. Last year, it launched the PayPal Stablecoin (PYUSD), initially built on Ethereum before recently expanding to Solana.
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