On September 25, 2024, PayPal Holdings, Inc. announced a significant enhancement to its services for U.S. merchants by enabling business accounts to buy, hold, and sell cryptocurrency directly from their PayPal accounts. This new functionality aims to meet the growing demand from business owners who wish to engage with digital currencies similarly to how consumers have been able to since 2020. However, it is important to note that this feature will not be available in New York State at the time of launch. Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal, highlighted the company's commitment to increasing the utility of cryptocurrency. He noted that the company has learned from consumer interactions with cryptocurrency and is now extending those capabilities to business accounts, allowing merchants to manage digital currencies with ease. In addition to the buying, holding, and selling capabilities, PayPal is also allowing U.S. merchants to transfer cryptocurrency externally to third-party eligible wallets. This means that business account holders can send and receive supported cryptocurrency tokens to and from external blockchain addresses, further enhancing their ability to operate in the digital currency space. PayPal has been progressively expanding its cryptocurrency offerings over the years. In 2020, the company first introduced the ability for consumers to buy, hold, and sell cryptocurrency. In 2023, it launched PayPal USD (PYUSD), a U.S. dollar-denominated stablecoin, which has since been integrated into various services, including the Xoom platform, allowing users to make fee-free transfers when using PYUSD. Most recently, PYUSD was made available on the Solana blockchain, providing users with more options for transactions. PayPal USD is issued by Paxos Trust Company, which is licensed to conduct Virtual Currency Business Activity by the New York State Department of Financial Services. The stablecoin is fully backed by U.S. dollar deposits and similar cash equivalents, ensuring its stability and reliability. Users can buy or sell PayPal USD at a fixed rate of $1.00 per token through PayPal and Venmo. This latest development reflects PayPal's ongoing efforts to enhance its cryptocurrency services and provide more options for both consumers and businesses in the evolving digital currency landscape.