PayPal has unlocked a new feature allowing US business accounts to buy, sell, and store cryptocurrencies. Announced on September 25, this update opens the door for millions of US merchants to access the growing crypto market directly from their PayPal business accounts. However, businesses in New York won’t have immediate access due to local regulations.Â
Business Integration of CryptoÂ
This move is part of PayPal’s larger push to expand digital asset options for both consumers and companies. By allowing business owners to handle crypto transactions through their existing accounts, PayPal simplifies the process for merchants to use cryptocurrency in their operations. The new feature also enables businesses to send and receive crypto from third-party wallets, adding flexibility for cross-border payments.Â
PayPal’s Crypto JourneyÂ
This isn’t PayPal’s first step into the crypto space. In 2020, it launched crypto services for personal accounts, giving users the ability to buy, sell, and hold crypto without needing a separate exchange. PayPal also rolled out its own stablecoin, PayPal USD (PYUSD), in 2023 on Ethereum, later expanding it to the Solana blockchain in May 2024.Â
Challenges for PYUSDÂ
Despite its initial success, PYUSD has faced challenges. Between August and September 2024, its market cap dropped by 30%, mainly due to decreased demand on Solana. Still, it remains one of the top stablecoins, and PayPal’s ongoing promotion could help stabilize its place in the market.Â
