PayPal Empowers U.S. Merchants with Direct Cryptocurrency Transactions
PayPal Holdings, Inc. (NASDAQ: PYPL) has announced that U.S. merchants can now buy, hold, and sell cryptocurrency directly from their PayPal business accounts. However, this feature will not be available in New York State at launch. This latest move is part of PayPal’s efforts to enhance cryptocurrency’s utility by expanding its functionality to millions of U.S. merchants.
“Since we introduced cryptocurrency buying, selling, and holding for PayPal and Venmo consumers, we’ve gained valuable insights into how they use digital currencies,” said Jose Fernandez da Ponte, PayPal’s Senior VP of Blockchain, Cryptocurrency, and Digital Currencies. “Business owners have expressed a strong interest in having the same crypto capabilities. We’re thrilled to meet that demand with this new offering, making it easier for them to engage with digital currencies.”
Additionally, PayPal will now allow U.S. merchants to transfer cryptocurrency on-chain to eligible third-party wallets. Business account holders can send and receive supported crypto tokens to and from external blockchain addresses.
PayPal has consistently expanded its cryptocurrency offerings. In 2020, it introduced the ability for customers to buy, sell, and hold crypto on PayPal and Venmo. In 2023, it launched PayPal USD (PYUSD), a U.S. dollar-denominated stablecoin. PYUSD was later enabled as a funding option for Xoom transfers, and in 2024, it became available on the Solana blockchain, providing users with more blockchain choices for increased flexibility.
