PayPal now allowing US business accounts to trade crypto 

PayPal is set to allow US merchants to buy, hold, and sell cryptocurrencies directly through their PayPal business accounts.

PayPal announced the move as part of its strategy to increase the role of cryptocurrency in the daily transactions of millions of businesses in the U.S. The service will not be available to businesses in New York at launch.

PayPal and its subsidiary Venmo have allowed consumers to buy, sell, and hold cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) since 2020. The company is now expanding those capabilities to business account holders, reflecting growing demand from merchants who want the same access to digital assets as consumers.

PayPal’s embrace of crypto

PayPal business accounts will be able to transfer cryptocurrencies to external wallets, allowing merchants to send and receive digital tokens over blockchain networks.

For those unfamiliar with cryptocurrency, this announcement means PayPal is making it easier for U.S. merchants and businesses to use digital assets in their operations. Businesses can now manage digital currencies like traditional currency, and PayPal is acting as a bridge between traditional finance and the growing world of cryptocurrency.

In August 2023, PayPal launched its stablecoin, PayPal USD (PYUSD), the first major financial firm to do so. PayPal USD was first launched on the Ethereum blockchain and is backed by US dollar deposits and short-term Treasury Bills.

After expanding to Solana, PYUSD’s weekly trading volume increased from $150 million in May to over $500 million. The total supply of PayPal USD across Solana and Ethereum reached $534 million, 74% on Ethereum and 25% on Solana.