PayPal users may now transfer crypto between wallets and exchanges

Bitcoin, Ethereum, Bitcoin Cash, and Litecoin may now be transferred to other exchanges and external wallets through PayPal Holdings Inc. on June 7.

According to a press statement from the firm, the change was made in response to public demand that has arisen since the platform began offering the four cryptocurrencies in October 2020.

PayPal’s senior vice president and general manager for its blockchain, crypto, and digital currency vertical, Jose Fernandez da Ponte, stated, “This is truly about access and usefulness. Moving crypto around is becoming a lot more useful.”

PayPal and other external wallets and exchanges will no longer be the sole options for transferring supported currencies, but users will be able to send crypto directly to family and friends. Additionally, according to Fernandez da Ponte, “Customers who move their cryptocurrency into PayPal may expand the use of their cryptocurrency by making purchases utilising our Checkout with Crypto offering at millions of merchants.”

Now, only certain US consumers may use it, but it will be handed out to all qualified US customers in the coming weeks, according to the company’s statement.

PayPal’s BitLicense from the New York Department of Financial Services coincides with this new development. Virtual Currency Business Activities can only be carried out by a corporation with a BitLicense.

PayPal, according to the business, was the first to convert a conditional Bitlicense into a complete Bitlicense.

Expansions and improvements at PayPal

As recently as November 2021, PayPal said in its quarterly results that it will be expanding its crypto products.

Cashback for cryptocurrency transactions and the option for Venmo credit card users to buy crypto using cashback from cardholders had previously been announced by the firm. According to a statement made earlier this year, PayPal is also considering launching a stable coin. PayPal, on the other hand, was constantly revising its NFT restrictions in response to the growing popularity of these apps among its users.

The new services may bring in millions of new customers and increase the amount of time spent on the PayPal app by current customers, according to experts.

However, PayPal’s long-term objectives are not hampered by the sluggish crypto market. In the words of Fernandez da Ponte, “We believe there will be a large amount of business and payments on digital currencies in the future, and we are playing the long game.”

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