"Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers," said Jose Fernandez da Ponte, senior vice president of blockchain, cryptocurrency, and digital currencies at PayPal in a statement.
The payments company will also allow U.S. merchants to externally transfer cryptocurrency on-chain to "eligible" third-party wallets, according to the statement.
Since 2020, PayPal has allowed consumers to buy, hold and sell cryptocurrencies directly from their accounts. Last year, it unveiled its U.S. dollar-denominated stablecoin, PayPal USD (PYUSD), which reached a $1 billion market cap this summer.
To start, the service will be unavailable to business clients in New York State, the company said, without giving a timetable for when that would change.
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