PayPal Expands Crypto Trading to Millions of US Merchants
- PayPal is introducing a new service for businesses to engage with cryptocurrency.
- This service responds to the increasing demand from business owners for similar capabilities as consumers.
- The initiative aims to make digital assets accessible to millions of merchants in the US, despite restrictions in New York.
PayPal is expanding its services to allow businesses to buy, hold, and sell cryptocurrency, enhancing the payment options available to merchants across the United States. This initiative follows the growing acceptance of digital currencies, particularly after the US Securities and Exchange Commission approved bitcoin exchange-traded funds in January. Jose Fernandez da Ponte, PayPal's senior VP of blockchain, highlighted the increasing demand from business owners for cryptocurrency capabilities similar to those available to consumers. The new service will enable millions of merchants to engage with digital assets, although it will not be available to businesses in New York. Additionally, PayPal is introducing the ability for businesses to transfer cryptocurrency to third-party eligible wallets, further integrating crypto into the business landscape.