PayPal Expands Crypto Services for Business Accounts, Allowing Merchants to Buy, Hold, and Sell

PayPal Holdings is extending its cryptocurrency services to merchants, allowing them to buy, hold, and sell digital assets directly from their business accounts. This move broadens PayPal’s existing consumer-focused cryptocurrency features.

Since 2020, PayPal has enabled consumers to buy, hold, and sell digital assets via both PayPal and Venmo accounts. The company deepened its commitment to digital currency by launching its own US dollar-pegged stablecoin, PayPal USD, last year. According to Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, the company has gained valuable insights into how consumers are engaging with cryptocurrency.

“Business owners have shown a growing interest in having access to the same cryptocurrency features that consumers enjoy,” da Ponte mentioned on Wednesday, September 25. Merchants have previously been able to accept cryptocurrencies through services like BitPay and Coinbase Commerce, but the introduction of PayPal's expanded functionality provides another convenient option.

Initially, this new feature will not be available to merchants based in New York. However, PayPal clarified that businesses will be able to transfer digital currencies to eligible third-party wallets and can send or receive supported tokens to and from external blockchain addresses. This expansion represents a significant step in PayPal’s ongoing integration of cryptocurrency solutions for its business clients.