Hey there, crypto enthusiasts! Guess what? PayPal is dropping a game-changer for U.S. businesses! They've just rolled out a hot new feature that lets merchants buy, hold, and sell cryptocurrency straight from their business accounts. How cool is that?
This snazzy update is tailor-made for business owners who’ve been eyeing those crypto capabilities that consumers have been enjoying. Yup, you heard it right! Now businesses can dive into the crypto pool without any hassle, well, unless you're in New York State—sorry, Big Apple folks, you’ll have to wait a bit.
Announced on September 25, this move is a big leap for PayPal. According to Jose Fernandez da Ponte, the brain behind Blockchain, Cryptocurrency, and Digital Currencies at PayPal, they’ve learned heaps about how people want to use their crypto. Turns out, businesses want in on the action too!
But wait, there's more! PayPal is also rolling out a nifty feature that lets you transfer crypto to and from external blockchain addresses. So, if you’re a seller in the e-commerce world, you now have more flexibility to send and receive supported cryptocurrencies. Sweet, right?
Remember when PayPal first dipped its toes into the crypto waters back in 2020? They allowed users to buy, sell, and hold assets like Bitcoin. Fast forward to August 2023, and they launched their very own U.S. dollar-backed stablecoin, PayPal USD (PYUSD). This coin is fully backed by U.S. dollar reserves and can be traded at a 1:1 rate with the U.S. dollar. Pretty neat!
And it doesn't stop there! In April 2024, they added PYUSD as a funding option on Xoom, making it super easy to send money abroad with zero transaction fees. Talk about a win for global remittances!
Just recently, PYUSD made its debut on the Solana blockchain, giving users even more control and flexibility. Multiple blockchain networks? Yes, please!
So there you have it, folks! PayPal is seriously upping its crypto game for businesses. Exciting times ahead!
