PayPal Expands Cryptocurrency Features for U.S. Merchants, Enhances Flexibility  

• PayPal enables U.S. businesses to buy, sell, and transfer crypto, except in New York.  
• Merchants can now send and receive crypto to external wallets, enhancing PayPal’s flexibility.  
• PayPal’s PYUSD stablecoin is available on Solana, offering faster and more efficient transactions.  

PayPal has expanded its crypto asset offerings by allowing U.S. merchants to buy, sell, and transfer digital currencies directly through their business accounts. This expansion builds upon PayPal’s prior services for individual users, enabling business owners to interact with digital assets seamlessly within the PayPal ecosystem. 

In addition to enabling the buying and selling of digital assets, PayPal has introduced the ability for business accounts to send and receive cryptocurrency to and from external wallets. This marks a pivotal change for merchants, providing them with more flexibility to manage their digital assets without relying solely on PayPal’s platform. 

A key part of PayPal’s update includes its stablecoin, PayPal USD (PYUSD), which is now available to business account holders. Launched in 2023, PYUSD is fully backed by U.S. dollar reserves, ensuring stability in value at $1 per PYUSD. 

This stablecoin can now be used across multiple platforms, including PayPal and Venmo, and is recently integrated into the Solana blockchain.

By offering PYUSD on Solana, PayPal enables faster and more efficient transactions for U.S. merchants, providing them with the flexibility to conduct transactions across different blockchains.

PayPal’s decision to let users transfer crypto to external wallets makes the platform more useful for business owners. Now, merchants can hold, sell, and move digital assets to other blockchain wallets, giving PayPal’s cryptocurrency features more flexibility.

This update helps merchants manage their crypto more easily and shows PayPal’s dedication to supporting growth in digital currencies.

The integration of the services in PayPal business accounts also aligns with the need of business magnates seeking crypto capabilities.

According to Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, the new features allow businesses to work with digital assets without adding extra effort. 

Consequently, PayPal stays loyal to the overall expansion of cryptocurrencies as an industry. Its initial foray into the digital currency market was in December 2020 when it enabled customers to engage in buying and selling and storing cryptocurrency.