PayPal allows Merchants transact with crypto assets
PayPal declared that it will start enabling business account holders in the US to purchase, sell, and retain cryptocurrency
PayPal declared that it will start enabling business account holders in the US to purchase, sell, and retain cryptocurrency except New York retailers
The United States-based payment firm In a press release, highlighted that it intends to make cryptocurrency buying, storing, and selling possible for US business accounts. The company says that one of its goals is to make it easier for US-based retailers to access cryptocurrencies.
“We have learned a lot about how consumers want to use their cryptocurrency since we launched the ability for PayPal and Venmo users to buy, sell, and hold cryptocurrency in their wallets,” stated Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal.
The purpose of such capability is to satisfy the increasing demand from business owners for features now offered to customers. Additionally, PayPal announced that business accounts in New York will not be able to utilize this new function upon debut.
Merchants will also find sending and receiving supported assets to and from qualified blockchain addresses simple, to increase operational flexibility,
The payment processor has taken significant steps to increase the availability of digital assets to its clientele Following its announcement that users would be able to purchase and retain cryptocurrency using their accounts in 2020,
Since then, the company has continued to support crypto assets by introducing PayPal USD (PYUSD), a stablecoin backed by the US dollar, accessible on the Ethereum and Solana blockchains.
“We have learned a lot about how consumers want to use their cryptocurrency since we launched the ability for PayPal and Venmo users to buy, sell, and hold cryptocurrency in their wallets,” said da Ponte. ”
Additionally, PayPal said that it is allowing US retailers to send cryptocurrency on-chain to wallets that are approved by third parties from an external source. Sending and receiving supported cryptocurrency tokens to and from external blockchain addresses is now possible for owners of PayPal business accounts.
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