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PayPal introduces crypto transfer for US business accounts
By Daniele Corno
The giant PayPal expands its crypto capabilities for U.S. merchants to include purchases, sales, and cryptocurrency transfers.
U.S. businesses can now manage cryptocurrencies through PayPal
PayPal has announced that U.S. merchants can now buy, hold, and transfer cryptocurrencies. This new feature will give merchants the ability to offer more payment tools to consumers.
The company reported that, initially, the service will not be accessible to businesses located in New York State. Jose Fernandez da Ponte, vice president of PayPal, pointed out that many business owners want to have the same cryptocurrency functionality already available to consumers.
In 2020, PayPal began allowing customers to buy and sell cryptocurrencies. In October 2023, the company launched its stablecoin, PYUSD, becoming one of the first major fintech companies to use digital currencies.
PYUSD and expansion into the stablecoin market
The company had already marked an important step with the launch of its stablecoin, PYUSD, in 2023. Backed by the dollar and operating on networks such as Ethereum and Solana, the stablecoin has seen rapid growth, surpassing the $700 million mark in market capitalization.
Thanks in part to its expansion on Solana, where PYUSD offerings have grown by 171 percent in recent months, stablecoin has gained momentum in both the digital payments and decentralized finance sectors by being integrated on platforms such as FRAX and CURVE. Adoption of PYUSD is increasing on platforms such as Crypto.com and various DeFi protocols, helping to position PayPal as a leader in cryptocurrency integration for business accounts.
