Expanding Cryptocurrency Utility

PayPal's latest initiative aims to enhance the utility of cryptocurrencies by making these functionalities available to a broader audience of merchants.

PayPal is continuing its efforts to integrate cryptocurrencies into mainstream finance. The latest move will allow merchants in the United States to accept cryptocurrency payments.

According to Jose Fernandez da Ponte, PayPal's Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, the company has been closely monitoring consumer behavior since launching crypto services for personal accounts.

“Since launching the ability for PayPal and Venmo consumers to buy, sell, and hold cryptocurrency in their wallets, we have learned a lot about how they want to use their cryptocurrency,” da Ponte said in a statement. “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.”

In addition to being able to buy, sell, and hold cryptocurrency, PayPal is also enabling U.S. merchants to transfer cryptocurrencies to and from third-party eligible wallets.

This latest initiative follows a series of moves by PayPal to integrate cryptocurrencies into its platform. In March 2023, the company began allowing users of its Venmo mobile payment service to buy, sell, and transfer cryptocurrencies. Later that year, PayPal also launched a new stablecoin called PYUSD, which is pegged to the U.S. dollar and runs on the Polygon blockchain.

In May 2024, PayPal further broadened the use of PYUSD by making it available on the Solana blockchain.

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