PayPal Expands Crypto Services to U.S. Business Accounts

PayPal is expanding its cryptocurrency services to U.S. business accounts, allowing them to buy, hold, and sell digital currencies. This new offering builds on the company’s existing crypto services for individual users, which it has provided through PayPal and Venmo for several years.

According to PayPal, business clients have expressed growing interest in accessing the same cryptocurrency features available to retail customers. This move reflects the rising demand for crypto services in the business sector.

Jose Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies, said, “Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers.”

In addition to buying and selling cryptocurrency, PayPal will also enable U.S. merchants to transfer crypto externally to “eligible” third-party wallets on-chain. This adds flexibility for businesses looking to manage their cryptocurrency holdings more independently.

However, the service won’t be immediately available to businesses in New York State due to regulatory restrictions. PayPal did not provide a specific timeline for when this feature will be accessible in New York. The company holds both a BitLicense and a trust license from the New York Department of Financial Services, making it one of the few companies authorized to operate under the state’s strict crypto regulations.

This expansion signals PayPal’s commitment to meeting the growing needs of its business clients while navigating complex regulatory environments.