In another effort to expand its presence in digital assets, PayPal announced plans to enable U.S. business customers to buy, sell, hold, and transfer cryptocurrencies.
"Today's announcement is PayPal's latest step to increase cryptocurrency's utility by making increased functionality available to millions of merchants in the U.S.," the company said, adding that when the service launches, it will not be available to business accounts based in New York State.
PayPal's move to allow U.S. merchants to send and receive cryptocurrency follows the Silicon Valley-based payments company launching several initiatives designed to capture market share among companies and customers operating in the digital assets industry. After first allowing PayPal and Venmo users to hold digital assets in 2020, the payments platform launched a U.S. dollar-pegged stablecoin last year, which is available on both Ethereum 
ETH -3.03% and Solana 
SOL +1.29% .
The 
PYUSD -0.03% stablecoin currently has a supply of about $350 million, according to The Block Data Dashboard.
"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," PayPal Senior Vice President Jose Fernandez da Ponte said in a statement. "Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers. We're excited to meet that demand by delivering this new offering, empowering them to engage with digital currencies effortlessly."
PayPal also said it would allow U.S. merchants to transfer cryptocurrency to "third-party eligible wallets" and receive "supported" tokens from external addresses.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
