PayPal has unveiled a new feature allowing US merchants to buy, hold, and sell cryptocurrency directly from their business accounts. This move sees crypto stepping further into the mainstream after Bitcoin ETFs received the green light from the SEC earlier this year.
The payments giant first dipped into the crypto world in 2020, offering consumers the ability to trade virtual currencies like Bitcoin. The latest feature answers growing demand from business owners who want the same capabilities, marking another step towards widespread acceptance.
In a statement, PayPal said: “Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers.” The firm also launched its stablecoin last year, pegging its value to the US dollar to shield against the notorious volatility of digital coins.
Merchants using the new service can transfer cryptocurrency to external third-party wallets, adding flexibility. But there’s a catch: these features won’t be available for business accounts in New York State, where regulatory hurdles remain.
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