PayPal Holdings Inc. will now permit merchants to buy, hold and sell cryptocurrency from their business accounts, expanding on the payments firm’s already-available consumer offerings.
PayPal has allowed consumers to buy, hold and sell digital crypto via their PayPal and Venmo accounts since 2020, and then further committed to digital currency with the launch of its US dollar-denominated stablecoin, PayPal USD, last year. The San Jose, California-based firm has since learned more about how people want to use their crypto, according to Jose Fernandez da Ponte, PayPal’s senior vice president of blockchain, cryptocurrency and digital currencies.
“Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers,” he said in a Wednesday statement.
Merchants have had many options for accepting crypto, such as BitPay, along with the ability to accept payments from services like Coinbase Commerce.
PayPal’s merchant functionality will not be available in New York at launch, the firm said. Businesses will be allowed to transfer the digital currency to third-party eligible wallets, and send and receive supported tokens to and from external blockchain addresses, according to the statement.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
