Key Takeaways
- PayPal enables U.S. business accounts to buy and sell Bitcoin.
- New York businesses are excluded initially due to regulatory restrictions.
- PayPal USD, the company's stablecoin, hit a $1 billion market cap this year.
PayPal is expanding its Bitcoin services by allowing U.S. business clients to buy, hold, and sell Bitcoin directly through their accounts. This move builds on the company’s existing offerings, which have been available to retail users since 2020.
Jose Fernandez da Ponte, PayPal’s senior VP of blockchain and digital currencies, stated:
Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers.
In addition to these services, U.S. merchants will be able to transfer Bitcoin externally to eligible third-party wallets. However, the service will not be immediately available to businesses in New York due to the state’s strict regulations, including its BitLicense requirement. No timeline was provided for when this will change.
PayPal has been steadily increasing its involvement in Bitcoin, with the launch of its own stablecoin, PayPal USD (PYUSD), in 2023. The coin reached a $1 billion market cap this summer.
