After focusing on individuals regarding cryptocurrencies, PayPal is now opening up to business accounts. Indeed, they will soon be able to buy, sell, hold and transfer cryptocurrencies.
Professionals will also have access to cryptocurrencies on PayPal
For a few years now, PayPal has opened up to cryptocurrencies to the point of having launched its own stablecoin, the PYUSD. Depending on the region of the world where you are, it is possible to buy, sell and transfer these assets, although this is not the case in all countries, particularly in France.
On Wednesday, the global payments giant took a further step, revealing that business accounts will also soon be able to access cryptocurrencies, including transferring them to external addresses.
💡 Discover PayPal's PYUSD stablecoin
Jose Fernandez da Ponte, senior vice president of blockchain, cryptocurrencies and digital currencies at PayPal, says that since the company opened up to this ecosystem, it has learned a lot about how its customers want to use this asset class. In addition, opening up to professionals is facing growing demand:
Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers. We are excited to meet this demand with this new offering, which allows them to use digital currencies effortlessly.
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Nevertheless, Only the United States will be previously affected by this measurewith the exception of New York State. Furthermore, several crucial points have not been mentioned at the moment, namely the launch date, as well as the cryptocurrencies that will be affected.
When PayPal opened to this domain, only Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) were available on its various services, in addition to PYUSD. While 2 of these assets no longer seem to correspond to the reality of the ecosystem today, it will be interesting to see the platform's full offering, when more details are announced.
Furthermore, let us also highlight the calculated slowness with which PayPal is deploying its cryptocurrency services across the world.
👉 On the same subject — PayPal giant now integrates Ethereum Name Service (ENS) addresses
At the time of writing, PYUSD now has a capitalization of just over $700 billion, making it the 7th stablecoin on the market.
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Since 2021, I have devoted my free time to seriously training myself on cryptocurrencies in order to acquire as much knowledge and credibility as possible. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyses on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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