PayPal Enables Business Accounts to Buy, Hold and Sell Cryptocurrency
PayPal Holdings, Inc. (NASDAQ: PYPL) has announced that U.S. merchants can now buy, hold, and sell cryptocurrency directly from their PayPal business accounts.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
PayPal Holdings, Inc. (NASDAQ: PYPL) has announced that U.S. merchants can now buy, hold, and sell cryptocurrency directly from their PayPal business accounts. This functionality will not be available in New York State at launch. Additionally, PayPal is enabling U.S. merchants to externally transfer cryptocurrency on chain to third-party eligible wallets.
This move is part of PayPal's ongoing efforts to increase cryptocurrency's utility. The company has previously introduced cryptocurrency capabilities for consumers on PayPal and Venmo, launched the PayPal USD (PYUSD) stablecoin, enabled PYUSD as a fee-free funding instrument for Xoom transfers, and made PYUSD available on the Solana blockchain.
Positive
- Expansion of cryptocurrency services to U.S. merchants
- Enabling external cryptocurrency transfers for business accounts
- Increased utility and functionality of cryptocurrency within PayPal ecosystem
Negative
- Functionality not available in New York State at launch
Details
News Market Reaction – PYPL
The recorded move for PYPL in the trading session of this news was -1.25%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Company also provides the ability for business accounts to externally transfer cryptocurrency
"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
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
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
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.
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