Payments giant PayPal (PYPL) will enable its business clients to buy, hold and sell cryptocurrency directly from their accounts in the U.S., potentially opening up a larger market for the firm.
After letting its retail users do the same via PayPal and Venmo accounts, the company said that it also saw demand from business owners to buy, hold and sell crypto. “Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers,” said Jose Fernandez da Ponte, SVP of blockchain, cryptocurrency, and digital currencies at PayPal in a statement on Wednesday.
The payments company will also let U.S. merchants to externally transfer cryptocurrency on-chain to third-party eligible wallets, according to the statement.
PayPal has been active since 2020 to let its users buy hold and sell crypto currencies directly from their accounts. Last year, it unveiled its U.S. dollar-denominated stablecoin, PayPal USD (PYUSD), which reached a $1 billion market cap this summer.