PayPal allowed customers to sell and buy cryptocurrency

PayPal has announced the expansion of its services for corporate clients in the United States. Now, business account holders will be able to buy, store, and sell cryptocurrencies directly through their accounts. In addition, the payment giant has allowed cryptocurrency transfers to third-party wallets via the blockchain.

According to the statement of PayPal’s Senior Vice President of Blockchain and Cryptocurrencies Jose Fernandez de Ponte, the company took into account the interests of businesses that also want to access such services that are already available to PayPal and Venmo retail customers. The services will be temporarily unavailable to customers in New York State as PayPal is still working to meet local regulatory requirements.

This is another step by PayPal towards expanding access to cryptocurrencies. Earlier, in August 2023, the company launched its own stablecoin PYUSD, as well as a cryptocurrency hub. However, the cryptocurrency community reacted to the launch of PYUSD with a mixed reaction. In September, the possibility of exchanging crypto assets for fiat was added.

In May, the PayPal payment system introduced $ 50,000 insurance for cryptocurrency payments, which meets the requirements of Regulation E of the US Consumer Financial Protection Bureau (CFPB).