In the latest development, PayPal has activated crypto transactions for business accounts, which could be a trigger for further crypto adoption.
PayPal continues to make inroads into the crypto sector with new updates and innovations. Publishing a press release, it announced a new feature for business merchants on the platform. It stated that business accounts on PayPal would now be able to hold, buy, or sell crypto. Further, PayPal described this new feature as a step towards widening its crypto functionality for the millions of business merchants in the US.
Jose Fernandez da Ponte, a senior official of PayPal, said, “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.”
Moreover, this new service can be termed as a crypto trading feature. In the last few years, there has been greater integration between financial services and crypto.
Another new bonus use case has also been added to this new feature. The PayPal business account holders would also be able to transfer crypto externally to eligible third-party wallets. In other words, crypto transactions between PayPal wallets and external crypto wallets can take place.
The new crypto trading service in PayPal comes just a year after it introduced its own stablecoin. The PayPal stablecoin, launched in August 2023, has gained quick prominence within a year. With the US dollar as its underlying reserve asset, PayPal USD has become a popular tool for various use cases like payments and cross-border transfers.
It is built on the Ethereum blockchain, with the Paxos Trust Company as its issuer. In May 2024, PayPal also announced the stablecoin making inroads into the Solana blockchain. That has expanded the stablecoin’s scope for further usage and adoption.
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