PayPal to enable cryptocurrency trading functionality for business accounts

Payment giant PayPal announced on the 25th (local time) that it will now add a feature that will allow business accounts to buy, sell, and trade crypto assets (virtual currencies) directly.
Jose Fernandez da Ponte, vice president of blockchain, crypto and digital currencies at PayPal,
"Business owners are increasingly demanding the same virtual asset capabilities available to consumers," said Ponte of the business account's cryptocurrency trading capabilities.
"We are very pleased to be able to meet this demand and help business users easily utilize digital currencies."
"The new feature will be available to customers across the U.S., except for New York State. Customers who use the service will be able to withdraw digital assets to external wallets and SEC-RI.
You also have the option to move it to cold storage (offline storage) for enhanced security.
In August 2023, PayPal launched the PYUSD stablecoin.
The PYUSD was issued by Paxos and is fully overcollateralized with US Dollar deposits and short-term cash equivalents. PYUSD is fully redeemable at a 1:1 ratio with the US Dollar.
PayPal then extended PYUSD to the Solana network because of Solana's significantly lower transaction costs.
The hope is that the reduction will encourage the use of PYUSD for micropayments, such as for coffee or lunch at a restaurant.
Micropayments are typically implemented using blockchains with lower throughput.
For example, a transaction on Solarana can cost as little as $0.0025, but on Ethereum, if the network is congested,
There can be double-digit fees. Additionally, PayPal requires confidentiality for PYUSD transactions on PYUSD.
The company announced that it will offer a new blockchain-based payment system called Ethereum-based cryptocurrency transactions, which allows payment amounts to be hidden from view while the transactions themselves can be verified for compliance purposes.