PayPal just announced that it will now allow US business accounts to buy, sell, and store crypto, making it easier for merchants to engage with digital assets and streamline their transactions.
Millions of American businesses, except New Yorkers will be able to use this service.
Business flexibility with crypto
The new offer is part of PayPal’s effort to help both individuals and businesses manage digital currencies more effectively.
By enabling business accounts to handle crypto transactions directly, PayPal simplifies the process for merchants who want to integrate cryptocurrencies into their daily operations.
PayPal’s Senior VP, Jose Fernandez da Ponte shared that there is increasing demand from business owners for the same crypto tools that are available to regular consumers.
PayPal’s crypto services
PayPal’s journey into the crypto space began in 2020 when it first permitted personal accounts to trade Bitcoin.
This was a huge step toward making digital currencies more accessible, bringing millions of new users into the crypto realm without needing another specialized platforms.
Last year, PayPal launched PYUSD, a stablecoin backed by the US dollar and initially introduced on the Ethereum network.
PYUSD later became available on Solana, which improved its scalability. Despite facing harder challenges, such as a nearly 30% drop in market cap between August and September due to reduced demand on the Solana blockchain, PYUSD is still remains one of the leading stablecoins in the market.
PayPal continues to support its use despite these setbacks.
Business services are for making money
Overall, PayPal’s expansion of crypto services for business accounts wants to make it easier for companies to integrate digital currencies into their financial transactions.
Retail payment sector is huge, so more options you offer, more money you make, and PayPal knows this very well.
This move clearly positions the company as a top choice for businesses looking to adopt crypto.
As more companies recognize the benefits of digital assets, one can speculate that PayPal’s efforts will contribute big time to the mainstream acceptance of crypto, regardless of we love or hate the company.
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