Financial technology PayPal has announced that millions of US merchants can now buy, hold, and sell digital assets directly from their business accounts.
It is worth noting that the new option will not be available in New York from the get-go.
PayPal has stated that the recently announced functionality marks its latest effort to enhance the utility of cryptocurrencies.
As reported by U.Today, PayPal also rolled out its own stablecoin called PayPal USD (PYUSD) last August. Last September, the stablecoin product also became available on the Venmo app.
The company initially introduced cryptocurrency trading and shopping for tens of millions of its customers back in October 2020. The list of available cryptocurrencies included Bitcoin, Ethereum, and two other altcoins.
Alex DovbnyaNotably, its foray into crypto came on the cusp of the massive bull run that kicked off in the fourth quarter of that year. PayPal's endorsement of crypto was believed to be one of the key catalysts behind the rally.
Since then, it has gradually expanded its cryptocurrency-related offerings. In early 2021, US customers were allowed to use several available cryptocurrencies for paying merchants. During the same year, PayPal's UK users gained the ability to transact with crypto.
While commenting on the launch of the most recent functionality, PayPal's Jose Fernandez da Ponte stated that there was increasing demand from business owners for the same cryptocurrency capabilities that were already available to consumers.
PayPal, which was founded all the way back in 1998, boasts more than 305 million active users around the globe.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team