PayPal Surges Over 3% as It Expands Cryptocurrency Services for US Business Accounts

Payment giant to allow US merchants to buy, hold, and sell cryptocurrencies through their business accounts

2 days ago

Summary

PayPal stock rises more than 3% to $79.7 on the news
Service will include crypto transfers to qualified third-party wallets, excluding New York state initially

PayPal (PYPL, Financial) saw its stock price increase by more than 3% to $79.7 following an announcement of expanded cryptocurrency services for its US business accounts. The payment giant revealed that it will now allow US merchants to buy, hold, and sell cryptocurrencies directly from their business accounts.

According to the statement, PayPal will also enable US merchants to transfer cryptocurrencies on-chain to "qualified" third-party wallets. This move signifies a significant expansion of PayPal's cryptocurrency offerings, potentially opening up new avenues for businesses to engage with digital assets.

It's worth noting that this service will not be initially available to businesses in New York state. The expansion of cryptocurrency services to business accounts marks another step in PayPal's ongoing integration of digital currencies into its platform, potentially attracting more businesses to adopt and utilize cryptocurrencies in their operations.

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