PayPal US Business Users Can Now Hold and Trade Bitcoin and Ethereum, marking a significant step forward for the financial technology giant. This new feature allows U.S. business account holders to buy, hold, and trade digital assets such as Bitcoin and Ethereum.
Furthermore, these merchants can also transfer cryptocurrency externally on-chain to third-party eligible wallets, according to the company’s official
announcement released on Wednesday.
Why Business Users Desired Bitcoin and Ethereum Trading Capabilities
The decision to empower PayPal US Business Users with the ability to hold and trade Bitcoin and Ethereum stems from growing demands. Many business owners have increasingly shown interest in accessing the same cryptocurrency functionalities available to individual consumers.
Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, emphasized the importance of meeting this demand.
PayPal’s Continued Expansion into the Cryptocurrency Market
Over the years, PayPal has consistently strengthened its foothold in the cryptocurrency sector. Initially, in 2020, it allowed users to buy and sell various digital currencies, including Bitcoin and Ethereum. Last year, the company launched its own stablecoin, PYUSD, which operates on both the Ethereum and Solana networks. As per CoinGecko, PYUSD ranks as the 109th largest digital asset, boasting a market cap surpassing $712 million.
Earlier this year, it was revealed that PayPal users could exchange PYUSD for U.S. dollars to facilitate international payments via the Xoom platform, further solidifying its role in global finance.
It’s worth mentioning that initially, this feature will not be accessible to users in the state of New York. Nonetheless, this strategic expansion showcases PayPal’s dedication to catering to the evolving needs of its diverse user base.
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Edited by Andrew Hayward
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