Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
PayPal to allow US business accounts to buy and transfer crypto

PayPal to allow US business accounts to buy and transfer crypto

The BlockThe Block2024/09/24 16:00
By:The Block

Quick Take PayPal announced it plans to allow U.S. business customers to buy, sell, hold and transfer crypto.

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 -2.69% and Solana SOL +1.26% .

The PYUSD +0.028% 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.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!