PayPal to Let Business Clients Buy, Sell and Hold Crypto from US Accounts

PayPal has announced that its business clients in the U.S the ability to purchase, store, and sell cryptocurrency directly from their accounts, expanding the market for the popular payments platform.

While PayPal and Venmo have allowed retail users to do the same for several years, the company has seen a growing demand from business owners for these capabilities.

According to Jose Fernandez da Ponte, senior vice president of blockchain, cryptocurrency, and digital currencies at PayPal, this move was prompted by the expressed desire of business owners for similar cryptocurrency options as consumers.

In addition, PayPal will also allow US merchants to transfer cryptocurrency to approved third-party wallets. However, this service will not be available to business clients in New York State initially due to the state’s strict BitLicense requirements.