Cryptocurrency for the Masses: PayPal Makes It Easier for Businesses to Buy and Sell

PayPal is making a significant move to increase the use of cryptocurrency for businesses in the United States. The company is launching a new service that will allow businesses to buy, hold, and sell digital assets, including bitcoin. This is a major expansion of the company's existing capabilities, which currently only allow consumers to use cryptocurrency through their online wallets. The decision to offer this new service comes as cryptocurrency has gained wider acceptance in the market. The US Securities and Exchange Commission (SEC) recently approved the launch of bitcoin exchange-traded funds (ETFs), which has increased confidence in the digital asset. Business owners have been asking for the same cryptocurrency capabilities that are available to consumers, said Jose Fernandez da Ponte, PayPal's senior VP of blockchain, cryptocurrency, and digital currencies. With this new service, millions of merchants across the US will be able to use cryptocurrency for the first time. However, the service will not be available to businesses in the state of New York. PayPal is also allowing businesses to transfer cryptocurrency externally to third-party eligible wallets.