PayPal (NASDAQ: PYPL) has announced that U.S. merchants can now buy, hold, and sell cryptocurrency through their business accounts. This feature, however, is unavailable for New York businesses at launch. The company is also allowing external transfers of supported cryptocurrencies to third-party wallets.
According to Jose Fernandez da Ponte, PayPal's SVP of Blockchain and Cryptocurrency, this move meets growing demand from business owners for crypto features. PayPal's expansion into crypto includes the launch of PayPal USD (PYUSD), available on multiple blockchains like Solana, and its use in fee-free transfers through Xoom.
PYUSD is backed by U.S. dollar reserves and issued by Paxos Trust Company.
