PayPal has announced that US merchants can now buy, hold and sell digital assets like Bitcoin and Ethereum from their trading accounts.
U.S. merchants can transfer the on-chain cryptocurrency abroad to an eligible third-party wallet, the company said in a statement released Wednesday.
The payments giant said it made the move because business owners wanted it.
“Business owners have increasingly expressed interest in the same cryptocurrency capabilities available to consumers,” he said Jose Fernandez da Ponte, PayPal Senior Vice President of blockchain, cryptocurrency and digital currencies.
PayPal says the feature won't be available in New York state at launch.
PayPal has entered the crypto industry over the years, allowing customers to buy and sell Bitcoin, Ethereum and other digital coins in 2020, and launched its own stablecoin, PYUSD, last year.
The token, which runs on the Ethereum and Solana networks, is the 109th largest digital asset, with a market capitalization of more than $712 million, according to CoinGecko. It is pegged to the value of the US dollar as a stable currency.
Earlier this year, PayPal announced that users can exchange PYUSD for dollars and make international payments through its payments platform Xoom.
Edited by Andrew Hayward.
Daily Debrief Newspaper
Start every day with top news stories, plus original features, podcasts, videos and more.
