- PayPal expands crypto options for business accounts
- Cryptocurrency transactions to third-party wallets are now available
- However, this does not yet apply to the state of New York
PayPal, one of the world’s largest payment services, continues to adopt crypto, now expanding the options for business accounts.
In addition to buying and storing crypto, users will now be able to make transactions to third-party wallets, which creates a huge business opportunity and greatly expands PayPal’s use in the crypto industry.
This was in response to numerous requests from users and enterprises who asked the company to introduce such functionality to continue using the familiar service in a wider range of scenarios.
PayPal Expanding Crypto Business Opportunities
PayPal has already shaken up the industry in a big way, being a classic Web2 financial solution, rapidly and successfully entered the Web3 sector with its PYUSD.
This opened it up to a lot of crypto investors, as did the addition of the ability to trade and store cryptocurrencies directly in PayPal accounts.
However, business accounts continued to lack this kind of functionality, which users have been mindful to mention.
Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies PayPal, said:
“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. Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers. We’re excited to meet that demand by delivering this new offering, empowering them to engage with digital currencies effortlessly.”
Conclusion
The recent press release puts everything in place and indicates the intentions of PayPal, already one of the world’s strongest financial providers, to develop further and take more and more place in the crypto sector.
We will closely observe in what other directions PayPal will expand, and what place in Web3 it will bring it.
