PayPal Steps Up Crypto Game, Allows US Merchants To Buy, Sell, And Hold Digital Assets

Aniket Verma

September 25, 2024

Payments giant PayPal Holdings Inc. (NASDAQ:PYPL) unveiled its plan to extend cryptocurrency services to U.S. business account holders, with the exception of New York State.

What Happened: As per a press release issued on Tuesday, the latest move would enable U.S. merchants to buy, sell, and hold cryptocurrency directly from their business accounts.

Furthermore, business account holders would be able to send and receive supported cryptocurrency tokens to and from external blockchain addresses.

However, New York State will be excluded from this service at the time of launch, the press release read.

This initiative is part of PayPal’s ongoing strategy to enhance the usefulness of cryptocurrency by making it more readily available to millions of merchants throughout the U.S.

See Also: Kamala Harris Strengthens Crypto Stance: The US Will ‘Remain Dominant In AI And Quantum Computing, Blockchain, And Other Emerging Technologies’

Jose Fernandez da Ponte, Senior Vice President of Paypal’s cryptocurrency arm, said the step was taken in response to growing demands by business owners to access the same services already available to consumers.

Why It Matters: PayPal’s foray into cryptocurrency services is not new. In August last year, the company launched a U.S. dollar-backed stablecoin, PayPal USD (CRYPTO: PYUSD), aimed at bolstering the adoption of digital tokens for transactions.

As of this writing, it was the sixth-largest stablecoin, with a market capitalization exceeding $700 million, according to CoinMarketCap.

The company already allows customers to buy, sell, and hold cryptocurrencies in their online wallets.

Interestingly, earlier this week, Cathie Wood’s investment management firm Ark Invest purchased $4.5 million worth of PayPal shares. This investment came amidst diverse analyst opinions about the company.

Price Action: Shares of PayPal closed 1.25% lower at $77.36 during Wednesday’s regular trading session, although they were up 0.08% in after-hours trading, according to data from Benzinga Pro.

Image Courtesy: PayPal

Read Next:

Anthony Scaramucci Quips ‘Kamala Means Bitcoin In Every Language,’ But Biden-Harris Administration Is No Laughing Matter For Crypto

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Recommended

US Oil Set to Surge on Middle East Tension... Are You Ready? - Ad

Why We Just Sold Half of Our Stocks - Ad

This Hidden Player Runs the Country Now - Ad

The vice presidential debate was far from being confrontational and the two sides avoided personal attacks and deliberated mainly on policies.

Trump's Niece Calls Concessions Tim Walz Made to His Opponent During Tuesday's Debate Shocking: 'Won - Not On Style..But On Substance'

Ex-President Trump's niece said Democrats made a lot of concessions to their rivals in the vice presidential debate held Tuesday.

America Can't Afford a Harris Presidency

America Can't Afford a Harris Presidency - Ad

New research from Jim Rickards - former advisor to the CIA - reveals shocking predictions about an "Election Meltdown" coming this November. Jim's showing all American patriots why an "Election Meltdown" could crash stocks by 50%, lead to the final demise of the dollar, even cause violent riots in the streets.

Taxpayers in 24 states will be able to file their returns directly with the IRS in 2025

WASHINGTON (AP) — The IRS is expanding its program that allows people to file their taxes directly with the agency for free.

Home cookin': Diners skipping restaurants and making more meals at home as inflation trend inverts

NEW YORK (AP) — Eating in is in and eating out is out.

Man Who Called Nvidia at $1.10 Says Buy This Now...

Man Who Called Nvidia at $1.10 Says Buy This Now... - Ad

In 2004, a man predicted Nvidia's rise. Now, he says a new company, which IPO'd in 2023, could soar like Nvidia. It signed a major deal with Apple for its AI tech in iPhones and iMacs. Could it be the next trillion-dollar company? See why he believes it's among "The Next Magnificent Seven."

Lindsey Graham On Escalating Global Situation: 'The World Is On Fire Under The Biden-Harris Administration'

Sen. Lindsey Graham has taken to X to voice his concerns about the Biden-Harris administration's handling of escalating global tensions.

Top 3 Tech Stocks That Are Ticking Portfolio Bombs

Three stocks in the information technology sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.

Exposed: Democrats' Secret Plan to Keep Trump Out of the White House

Exposed: Democrats' Secret Plan to Keep Trump Out of the White House - Ad

Former advisor to the CIA, the Pentagon and the White House Jim Rickards just released this shocking new video exposing Democrats' secret plan to keep Trump out of the White House... Even if he wins the election. See the details and learn how to prepare... Because this could trigger the biggest constitutional crisis in our nation's history.

This Homebuilder Is Slashing Prices In Key Cities Where Prices Soared The Most

In response to changing market conditions in Florida and Texas, leading homebuilder KB Home (NYSE: KBH) has decided to slash home prices in Austin, San Antonio, Orlando, and Jacksonville.

Tips for shopping for Medicare Advantage plans

Shopping season for Medicare coverage is about to begin. With it comes the annual onslaught of TV ads and choices to consider.

Don't Tell ANYONE About This Altcoin (Until It Pops)...

Don't Tell ANYONE About This Altcoin (Until It Pops)... - Ad

Quiet now! This governance token could be the sleeping giant of the crypto world... In the next bull market, this "DeFi 2.0" powerhouse might soar 10x... 50x... perhaps even 100x.

Kennedy Campaign Rollercoaster: Wisconsin Supreme Court Keeps RFK Jr. On Swing State Ballot

Robert F. Kennedy Jr. will stay on Wisconsin's presidential ballot after a state Supreme Court ruling.

What's Going On With Honeywell International Stock Today?

Honeywell International shares rose 1.57% to $210.41 after announcing a dividend increase from $4.32 to $4.52 per share, effective December.

President Trump and Elon Musk Issue Stark Warning

President Trump and Elon Musk Issue Stark Warning - Ad

Both President Trump and Elon Musk are warning about something that could send the market down 50%, real estate down 40% and savings accounts down 30%.

Safety board says pedals pilots use to steer Boeing Max jets on runways can get stuck

WASHINGTON (AP) — Safety investigators are making “urgent” recommendations to Boeing and the Federal Aviation Administration after determining pedals that pilots use to steer 737 Max jetliners on runways can become jammed because moisture can leak into a rudder assembly and freeze.

Mark Cuban, An Ardent Kamala Harris Supporter, Isn't Keen On Elizabeth Warren As He Is On Her Pro-Crypto GOP Rival: Here's Why

Billionaire investor and television celebrity Mark Cuban has thrown his support behind Republican Senate hopeful John Deaton, who is running against anti-cryptocurrency crusader Sen. Elizabeth Warren (D-Mass.).

The Great Crypto Frenzy 2.0 Is About to Start

The Great Crypto Frenzy 2.0 Is About to Start - Ad

Bitcoin is about to go off on a FINAL bull run. And when it does, the prediction is these 3 inexpensive Altcoins... Will ride the last Bitcoin bull... And vastly exceed Bitcoin's gains.

Port Strike Enters Day 3: Economist Warns Of 'Meaningful' Impact If Standoff Prolongs, Food & Beverages Likely First To Feel The Pinch

The dockworkers' strike that is threaten the fragile economic momentum, if short-lived, may not cause havoc, economist says.

Edmunds: The most reliable used vehicles under $15,000

Buying a reliable used car, truck or SUV on a $15,000 budget is easy if you know what to look for. Edmunds’ experts have done that homework for you so you can start your search with the five recommended models listed below. RepairPal, a network of automotive repair shops, gives each one a high score for overall reliability. The vehicles also have favorable consumer reviews on Edmunds.

The Crypto Whisperer Just Sounded the Alarm

The Crypto Whisperer Just Sounded the Alarm - Ad

Ian King just made a surprise prediction that these 3 cryptos will take off immediately after the election. Today, Ian predicts one specific event will send Bitcoin on one final bull run...And when it does...Three specific "alt" coins will ride the Bitcoin bull...Far exceeding Bitcoin's gains.

Before you sign up for a store credit card, know what you're getting into

NEW YORK (AP) — When Mykail James was 19 and working a holiday job at Victoria's Secret, she took out a store credit card with a $2,000 credit line.

Elon Musk Urges Rally Crowd: 'Vote For Trump To Save Democracy'

Elon Musk appeared at a Donald Trump rally in Butler, Pa., on Saturday, where he made a fervent appeal to Trump supporters to register and cast their votes in next month's election.

A 10,000% Dividend?!?

A 10,000% Dividend?!? - Ad

Have you seen this strange oil investment? It's NOT a stock, bond, or private company...It has NO age requirements...You do NOT need to be accredited to participate... And you can get in for as little as $25.

Goldman Sachs Researchers See Battery Prices Falling By Nearly 50% By 2026 End, Driving Consumer-Led EV Adoption

Goldman Sachs Research expects global average battery prices to fall to $111 per kilowatt-hour (kWh) by the end of 2024 and further in the years to come, paving the way for a consumer-led EV adoption phase.

Teva Launches Generic Version Of Sandostatin In The US

Shares of Teva Pharmaceutical Industries (NYSE: TEVA) are down Tuesday. Here's what you need to know.

New "Living Missile" to Replace Nuclear Missiles

New "Living Missile" to Replace Nuclear Missiles - Ad

CBS News Reports: "It's an entirely new type of weapon." The New York Times Reports: "No existing defense can stop it." And one small company is building them for the Pentagon!

Fed's favored inflation gauge shows cooling price pressures, clearing way for more rate cuts

WASHINGTON (AP) — The Federal Reserve's preferred inflation measure on Friday provided the latest sign that price pressures are easing, a trend that is expected to fuel further Fed interest rate cuts this year and next.

LOCALIZE IT: Affordable housing is disappearing, states scramble to catch up

EDITORS/NEWS DIRECTORS:

You're About to Lose the Majority of Your Wealth

You're About to Lose the Majority of Your Wealth - Ad

Whether you want to admit it or not... America is headed over the cliff. That's why I put this presentation together at great personal risk. Because starting on Nov. 5th you could lose everything you're entitled to as an American, including the majority of your wealth.

Officials warn that EVs could catch fire if inundated with saltwater from Hurricane Helene

Electric vehicles can catch fire if they are inundated by saltwater, so owners who live in the path of a major storm like Hurricane Helene should take precautions and prepare for the possibility that they'll be unable to charge their cars during a power outage.

SEC Showdown: Gary Gensler Defends Crypto Policy While Commissioner Mark Uyeda Calls It 'Disaster' For Assets Like Bitcoin, Ethereum, Dogecoin

In a fresh display of growing discord within the SEC, Commissioner Mark Uyeda has slammed the agency’s cryptocurrency policy, calling it a “disaster” for assets like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin

Financial Nightmare Coming After Election

Financial Nightmare Coming After Election - Ad

In 2018, one independent research predicted Kamala Harris was on her way to becoming the president of the United States. "Frankly, she scares us to death... and she should scare you," they wrote. Which is why you need to check out their newest Kamala prediction immediately.

VC Ben Horowitz First Endorsed Donald Trump, Now Pledges Support For Kamala Harris

Prominent venture capitalist Ben Horowitz intends to financially support Kamala Harris' presidential campaign – a move that comes on the heels of his recent financial support for PACs that favored Donald Trump.

Halloween superfans see the culture catching up to them. (A 12-foot skeleton helped)

Home Depot was about to launch something big — really big — when the pandemic hit in the spring of 2020: a 12-foot skeleton.

AI's "iPhone Moment"

AI's "iPhone Moment" - Ad

Apple is making a major move. And what they're doing could be bigger than the launch of the first iPhone. Destroying and creating fortunes in the process.

Jeep urges 194,000 plug-in hybrid SUV owners to stop charging and park outdoors due to fire risk

DETROIT (AP) — Jeep is recalling more than 194,000 plug-in hybrid SUVs worldwide because they can catch fire with the ignition turned off.

Tesla issues 5th recall for the new Cybertruck within a year, the latest due to rearview camera

Tesla is recalling more than 27,000 Cybertrucks because the rearview camera image may not activate immediately after shifting into reverse, the since it went on sale late last year.

10X More Profitable Than Physical Gold?

10X More Profitable Than Physical Gold? - Ad

There's a backdoor gold play that could deliver 10 TIMES bigger gains than physical gold. In fact, this single investment has outperformed gold by 10-to-1 over the past 25 years... and FAR outperformed most gold stocks

Mark Cuban On How TV Will Evolve In The Future, Says He Saw The Rise Of Netflix-Like Platforms Before They Existed: 'We Were YouTube Before YouTube'

Mark Cuban highlighted the critical role of sports media rights in the future of linear television and streaming platforms, predicting that streaming will dominate as traditional TV faces challenges due to high costs and declining subscribers.

Trending Now