PayPal launches a new service to allow businesses to buy, hold and sell cryptocurrency, making it much easier for US merchants to use crypto for payments.
While the company already allowed its PayPal and Venmo users with consumer accounts to use bitcoin and other virtual currencies through its online wallets, it is now rolling out similar capabilities for businesses.
The effort marks an important step in expanding the functionality of digital assets for businesses. It comes as cryptocurrency has gained wider market acceptance following the US Securities and Exchange Commission approved bitcoin exchange-traded funds in January.
“Business owners have increasingly expressed a desire for the same cryptocurrency options available to consumers,” Jose Fernandez da Ponte, PayPal’s senior VP of blockchain, cryptocurrency and digital currencies, said in a press release Wednesday.
The change will make crypto available to “millions” of merchants in the US, many for the first time. However, the functionality will not be available to businesses in New York State, according to the company.
PayPal added that it will also allow businesses to transfer cryptocurrency externally to eligible third-party wallets.
Read more: You can use your credit card through PayPal, but should you?
