PayPal (PYPL) is about to make a big move. They’re letting business clients buy, hold, and sell cryptocurrency right from their accounts in the U.S. This could really open up new opportunities for the company.

For years, PayPal has allowed everyday users to do this through their PayPal and Venmo accounts. Now, they’re responding to business owners who want the same capabilities. The demand is there, and PayPal is ready to meet it.

“Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers,” said Jose Fernandez da Ponte, the senior vice president of blockchain, cryptocurrency, and digital currencies at PayPal.

On top of that, U.S. merchants will soon be able to transfer cryptocurrency to eligible third-party wallets. This is a step that many have been waiting for.

However, there's a catch. Initially, this service won’t be available to business clients in New York State. PayPal hasn’t provided a timeline for when that might change. It’s worth noting that they hold one of the limited BitLicenses in New York and also have a trust license from the state’s Department of Financial Services.

Since 2020, PayPal has allowed consumers to buy, hold, and sell cryptocurrencies. Last year, they launched their own stablecoin, PayPal USD (PYUSD), which hit a market cap of $1 billion this summer. That’s quite an achievement!

In summary, PayPal is expanding its services to meet the needs of business clients, and it’s making waves in the cryptocurrency space.