PayPal Expands Crypto Trading to Millions of US Merchants

In a significant move to enhance the use of cryptocurrency in commerce, PayPal is set to launch a new service that allows businesses to buy, hold, and sell digital currencies. This development comes after the US Securities and Exchange Commission approved bitcoin exchange-traded funds in January, signaling a growing acceptance of cryptocurrencies in the financial market. The new service aims to cater to the increasing demand from business owners who wish to utilize the same cryptocurrency functionalities that have been available to consumers on PayPal and Venmo platforms. Jose Fernandez da Ponte, PayPal's senior VP of blockchain, cryptocurrency, and digital currencies, highlighted that many business owners have expressed a desire for these capabilities. The introduction of this service is expected to make cryptocurrency accessible to millions of merchants across the United States, many of whom will be engaging with digital assets for the first time. Despite the broad rollout, it is important to note that businesses located in New York will not be able to access these new features. This limitation may be due to regulatory constraints in the state, which has historically had a cautious approach to cryptocurrency. Additionally, PayPal will allow businesses to transfer cryptocurrency externally to third-party eligible wallets, further enhancing the utility of digital assets for commercial purposes. This initiative marks a significant step in integrating cryptocurrency into everyday business transactions.