PayPal Expands Peer-to-Peer Payments With Bitcoin, Ethereum Integration – Exec Says It's the 'Next Major Step' in Global Money Movement

Core Insights - PayPal will soon integrate cryptocurrencies into its peer-to-peer payments system, allowing U.S. users to send Bitcoin, Ethereum, PayPal USD, and other supported cryptocurrencies across PayPal, Venmo, and various digital wallets globally [1][5] - The company introduced a new P2P payments feature called PayPal links, enabling users to make or receive payments via one-time links shared in messaging platforms, initially available for U.S. users and expanding to other markets later this month [2][3] - PayPal links will be compatible with PayPal World, enhancing digital asset interoperability and making cryptocurrency payments more convenient for users worldwide [3][4] Cryptocurrency Integration - The expansion of PayPal's P2P service to support cryptocurrencies is appealing to users due to the tax-free nature of personal payments through PayPal and Venmo, which remain exempt from 1099-K reporting [5] - Prior to this announcement, PayPal already allowed trading of several cryptocurrencies, including Bitcoin, Chainlink, Ethereum, PYUSD, and Solana, and launched Pay With Crypto in July, enabling businesses to accept payments in over 100 cryptocurrencies [6][7] Performance Metrics - PayPal reported a 10% year-on-year increase in P2P payment volumes in the second quarter, with Venmo experiencing its highest total payment volume (TPV) growth in three years [6]