Company also provides the ability for business
accounts to externally transfer cryptocurrency
SAN
JOSE, Calif., Sept. 25,
2024 /PRNewswire/ -- PayPal Holdings,
Inc. (NASDAQ: PYPL) announced it is enabling its U.S.
merchants to buy, hold and sell cryptocurrency
directly from their PayPal business account. At launch, this
functionality for Business Accounts will not be available in
New York State. Today's
announcement is PayPal's latest step to increase
cryptocurrency's utility by making increased
functionality available to millions of merchants in the
U.S.
"Since we launched the ability for PayPal and Venmo consumers to
buy, sell, and hold cryptocurrency in their wallets,
we have learned a lot about how they want to use their
cryptocurrency," said Jose
Fernandez da Ponte, Senior Vice President of Blockchain,
Cryptocurrency, and Digital Currencies,
PayPal. "Business owners have increasingly expressed a desire
for the same cryptocurrency capabilities available to
consumers. We're excited to meet that demand by delivering this new
offering, empowering them to engage with digital currencies
effortlessly."
Additionally, PayPal is enabling U.S. merchants to externally
transfer cryptocurrency on chain to third-party
eligible wallets. PayPal business account holders can now send and
receive supported cryptocurrency tokens to and from
external blockchain addresses.
PayPal has continuously made significant steps to increase
cryptocurrency's utilization. In 2020, PayPal
announced the availability of its customers to buy, hold and sell
cryptocurrency directly from their PayPal and Venmo
accounts. In 2023, PayPal announced the launch of a U.S.
dollar-denominated stablecoin, PayPal USD (PYUSD). In
April 2024, we enabled PYUSD as a
funding instrument for our Xoom platform, allowing users to pay no
transaction fees when using PYUSD to fund eligible transfers to
friends and family abroad. Most recently, PYUSD was made available
on the Solana blockchain, providing users with the
choice of multiple blockchains allowing for increased flexibility
and control.
About PYUSD
PayPal USD is issued by Paxos Trust Company, a fully chartered
limited purpose trust company. Paxos and its products – including
expansion to new blockchains – are licensed to engage in Virtual
Currency Business Activity by the New
York State Department of Financial Services. Reserves for
PayPal USD are fully backed by U.S. dollar deposits, U.S.
Treasuries and similar cash equivalents, and PayPal USD can be
bought or sold through PayPal and Venmo at a rate of $1.00 per PayPal USD.
Issuance and custody of PayPal USD is performed by Paxos Trust
Company, LLC. Learn more in PayPal's Cryptocurrency
Terms, and in the Paxos Terms that also apply to PYUSD.
About PayPal
PayPal has been revolutionizing commerce globally for more than
25 years. The company creates innovative experiences that make
moving money, selling, and shopping simple, personalized, and
secure. PayPal empowers consumers and businesses in approximately
200 markets to join and thrive in the global economy. For more
information, visit https://www.paypal.com, https://about.pypl.com/
and https://investor.pypl.com/.
Media Relations Contacts:
Nicole Cutler
mediarelations@paypal.com
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SOURCE PayPal Holdings, Inc.