PayPal Enables U.S. Business Accounts to Buy, Hold and Sell Crypto
Summary
PayPal will enable U.S. business clients to buy, hold, and sell cryptocurrency directly from their accounts, expanding its crypto services beyond retail users. Business owners have shown interest in accessing similar cryptocurrency capabilities as consumers. U.S. merchants will also be able to transfer cryptocurrency to eligible third-party wallets. The service is initially unavailable to business clients in New York State due to regulatory constraints, despite PayPal holding a BitLicense and a trust license from the state's Department of Financial Services. PayPal has offered crypto services to consumers since 2020 and launched its stablecoin, PayPal USD, which reached a $1 billion market cap.
