Payment platform PayPal has granted corporate clients in the U.S. the ability to buy, store, and sell cryptocurrencies directly from their business accounts. This new offering opens up broad opportunities for companies to use digital assets to optimize financial operations and expand payment options.
“Since the launch of cryptocurrency buying, selling, and storage features for PayPal and Venmo users, we’ve gained valuable insights into how people want to manage their digital assets. Business clients are increasingly requesting the same cryptocurrency features that are available to regular users,” said Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrencies, and Digital Assets at PayPal.
Now, business account holders can not only buy and store cryptocurrencies but also make external transfers of coins to third-party wallets via blockchain, significantly simplifying the transaction process between different platforms.
This initiative follows PayPal’s broader cryptocurrency strategy, which began in 2020 when the company first introduced the option to buy, sell, and store Bitcoin and other cryptocurrencies. Subsequently, Venmo, PayPal’s mobile app, also added similar functionality for its users, greatly increasing the accessibility of digital assets to the general public.
In August 2023, PayPal made another significant step in the world of digital assets by launching its own stablecoin, PYUSD. This asset was designed to simplify payments and enhance transaction stability. By July 2024, PYUSD’s market capitalization surpassed $500 million, thanks to its integration with the Solana blockchain, known for its high speeds and low transaction fees.
Moreover, PayPal continues to actively explore new opportunities and directions for integrating cryptocurrencies into the business environment, planning to offer more sophisticated products and solutions for corporate clients interested in integrating digital assets into their business processes in the future.
