In a recent release, PayPal stated that its business accounts will soon be able to buy, keep, and trade cryptocurrencies directly for US customers. In the not-too-distant future, this capability will be made available to clients here. With the intention of expanding the role that cryptocurrencies play in the day-to-day transactions of commercial operations for millions of businesses in the United States, PayPal made this revelation as part of its desire to expand the range of applications for cryptocurrencies.
In the beginning, companies that are situated within the boundaries of the state of New York will be unable to make use of this service. Since the year 2020, customers have been able to purchase, sell, and hold cryptocurrencies such as Bitcoin and Ethereum thanks to the partnership between PayPal and Venmo, a firm that is connected with PayPal. Venmo is a corporation that allows customers to buy things like Bitcoin and Ethereum.
These capabilities are now being extended to business account holders by the company as a reaction to the growing demand from owners of businesses who want the exact same access to digital assets as customers who are individuals. This action is being taken in response to the fact that business account holders are requesting the same level of access.
PayPal Brings Crypto Transfer Capabilities to Business Accounts
Businesses will be able to send and receive digital tokens on blockchain networks through the use of PayPal business accounts, which will allow for the transfer of cryptocurrencies to external wallets. Those who are not familiar with Bitcoin may not know that this revelation indicates that PayPal is simplifying the process by which enterprises and merchants in the United States can employ digital assets in their operations.
By acting as a bridge between traditional banking and the rapidly expanding world of cryptocurrency, PayPal has made it possible for businesses to manage digital currencies in a manner that is comparable to more traditional forms of payment. PayPal was the first major financial company to develop its own stablecoin, which was called PayPal USD. This launch took place in August of 2023.
In addition to being backed by short-term Treasuries and deposits in U.S. dollars, PayPal USD appeared on the Ethereum blockchain for the first time. During the month of May, the weekly transaction volume of PYUSD increased to over $500 million, which was an increase from $150 million prior to the expansion to Solana. Solana and Ethereum combined to attain a total supply of $534 million worth of PayPal USD, with Ethereum accounting for 74% of the supply and Solana accounting for 25%.
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