PayPal has long been a giant in the finance industry. Now, it has slowly begun transitioning from a completely TradFi platform to adopting a more DeFi outlook. The company’s first step into the world of crypto was in 2020, when it began allowing retail customers to buy, sell, and hold crypto directly from their PayPal and Venmo accounts. Paypal has now announced that it will take one more step into the crypto world.

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On September 25, PayPal announced that the platform would now support Business accounts buying, selling, and trading crypto straight from their PayPal accounts. This is great news for PayPal’s business customers, except for those outside the United States or in New York. The release showed that this new feature will only be available across the United States for all US businesses except, for some reason, those in New York. However, as of yet, PayPal has not given a date for when New York business users will join the fold.

According to Jose Fernandez da Ponte, PayPal's senior Vice President, many businesses have waited a long time for this feature, which has been available to individuals for years. The company is now excited to give people what they want. 

In addition to enjoying this new service, merchants will now be able to withdraw their digital assets into external wallets or other forms of cold storage to ensure security. 

The integration process for this new announcement is also quite simple. In addition to the other functions of the PayPal platform, merchants will be able to treat cryptocurrencies like Bitcoin, Ethereum, and other digital tokens like they treat traditional money. This provides new crypto users with an easy entry point into the world of crypto.

PayPal’s new release aims to increase utility and accessibility for merchants and build on its pre-existing crypto features, which were introduced to the platform as far back as 2020. 

This move by the payment giant will potentially open up a larger market for the company as crypto adoption has steadily improved. The company’s strong reputation as one of the biggest financial brands combined with increased interest and adoption in crypto might be a potent combo. 

PayPal is no stranger to crypto ventures anyway. The company became the first major financial company to introduce a stablecoin following the successful launch of PayPal USD (PYUSD), which debuted on the Ethereum blockchain in August 2023. 

After PayPal expanded the use of the PYUSD to the Solana blockchain, the weekly transaction volumes rose quickly from $150 million to over $500 million by May 2024. The stablecoin currently has a supply of over 700 million with a market cap of $709,294,162. 

This announcement from PayPal is a delight to many users and the crypto community at large. It’s one step closer to the worldwide adoption crypto has long sought.

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