PayPal has just announced it intends to allow its US business customers to buy, sell, hold and transfer cryptocurrencies.
According to the company, the move is intended to increase the functionality and utility of cryptocurrencies by making them more accessible to millions of merchants in the US. However, the service will not be available to New York state-based business accounts.
PayPal's decision to allow US merchants to send and receive cryptocurrencies is part of its strategy to gain a larger market share in the digital asset sector.
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The payments company has launched several initiatives to address the growing demand for cryptocurrencies among both businesses and individual customers. These include the option for PayPal and Venmo users to hold digital assets, as well as the launch of a US dollar-linked stablecoin on the Ethereum and Solana networks.