Financial technology PayPal has announced that millions of US merchants can now buy, hold, and sell digital assets directly from their business accounts.
It is worth noting that the new option will not be available in New York from the get-go.
PayPal has stated that the recently announced functionality marks its latest effort to enhance the utility of cryptocurrencies.
As reported by U.Today, PayPal also rolled out its own stablecoin called PayPal USD (PYUSD) last August.
The company initially introduced cryptocurrency trading and shopping for tens of millions of its customers back in October 2020. Notably, its foray into crypto came on the cusp of the massive bull run that kicked off in the fourth quarter of that year.
Since then, it has gradually expanded its cryptocurrency-related offerings.
While commenting on the launch of the most recent functionality, PayPal’s Jose Fernandez da Ponte stated that there was increasing demand from business owners for the same cryptocurrency capabilities that were already available to consumers.
