Key Takeaways
- PayPal has enabled cryptocurrency transactions for US enterprise accounts.
- PYUSD, PayPal’s stablecoin, is now out there on the Solana blockchain.
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PayPal, introduced right now that US retailers can now purchase, maintain, and promote crypto property immediately from their PayPal enterprise accounts.
“Enterprise homeowners have more and more expressed a need for a similar cryptocurrency capabilities out there to customers. We’re excited to fulfill that demand,” mentioned Jose Fernandez da Ponte, Senior Vice President of Blockchain, Cryptocurrency, and Digital Currencies at PayPal.
Along with shopping for and promoting, PayPal enterprise accounts will now be capable of ship and obtain tokens on-chain to third-party wallets. Nevertheless, all of those options is not going to be out there at launch in New York State.
PayPal has been rising its crypto capabilities since 2020, when it first allowed prospects to purchase, maintain, and promote crypto by means of PayPal and Venmo accounts.
In 2023, PayPal launched its US dollar-denominated stablecoin, PayPal USD (PYUSD), which is absolutely backed by US greenback deposits, Treasuries, and money equivalents. PYUSD just lately grew to become out there on the Solana blockchain, giving customers the flexibleness to make use of a number of blockchains for his or her transactions.
In April 2024, PayPal enabled PYUSD as a funding choice for its Xoom platform, providing customers the power to pay no transaction charges when utilizing PYUSD for transfers to family and friends overseas.
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