PayPal to let business accounts buy, hold and sell cryptocurrency

(Reuters) -PayPal Holdings announced on Wednesday it is enabling U.S. merchants to buy, hold and sell cryptocurrency from their business accounts.

The payments giant aims to increase cryptocurrency’s utility, which was moved from being a nascent asset class towards greater market acceptance after bitcoin exchange-traded funds were approved by the U.S. SEC earlier in the year.

However, the services would not be available for business accounts in New York State at launch, the company said on its website.

(Reporting by Pritam Biswas in Bengaluru; Editing by Krishna Chandra Eluri)