PayPal Expands Services to Business Accounts for Buying, Holding, and Selling Bitcoin

PayPal now allows U.S. business accounts to buy, hold, sell, and transfer Bitcoin, expanding its crypto options for merchants.

Deniz Saat

Sep 25, 2024 - 1 min read

PayPal Holdings, Inc. has announced an expansion of its Bitcoin and cryptocurrency services, allowing U.S. business account holders to buy, hold, and sell supported digital assets directly through their PayPal accounts.

However, this feature will not be available in New York State during the initial rollout, the company confirmed.

According to Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, the decision was informed by feedback from PayPal and Venmo users.

He noted that business owners had expressed interest in accessing the same Bitcoin and cryptocurrency features as consumers, leading to the introduction of this new feature.

In addition to buying and selling, U.S. merchants now have the ability to transfer Bitcoin and cryptocurrency to external third-party wallets, adding further transactional flexibility for businesses.

This is part of PayPal’s broader Bitcoin and digital asset strategy, which started with consumer services in 2020 and continued with the launch of its stablecoin, PYUSD, in 2023.