Payment giant PayPal has added a new functionality to PayPal business accounts that will allow merchants in the US to buy and sell cryptocurrencies directly from their business accounts.
This comes as PayPal seeks to increase crypto’s utility by enabling the new functionality accessible to millions of merchants in the US. However, this functionality will not be available to business accounts in New York, initially.
“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, a senior VP of blockchain, cryptocurrency, and digital currencies at PayPal.
The company added it is also allowing business accounts to externally transfer cryptocurrency.
This is a developing story
