PayPal allows users to transfer cryptocurrencies to other wallets

Paypal confirmed on Tuesday that cryptocurrencies can be transferred to other wallets, customers, etc.

Paypal Holdings Inc. on Tuesday confirmed that the company would allow its users to transfer cryptocurrencies. Moreover, between Paypal and other wallets and exchanges. Also, they have introduced this feature on the application almost after two years. Since the company started allowing the customers to buy digital currencies using Paypal

“We are thrilled to announce that starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges. This feature has been consistently ranked by users as one of the most requested enhancements since we began offering the purchase of crypto on our platform”, as commented by Jose Fernandez da Ponte, Senior Vice President and General Manager, Blockchain, Crypto & Digital Currencies. 


PayPal allows users to transfer cryptocurrencies

This feature is currently available to only a select few customers in the U.S.. But the feature will be ruled out to the rest of the U.S. states in the coming months. The new feature has a few users to the customers: 

  • PayPal may be used to deposit supported coins.
  •  Transfer cryptocurrency from PayPal to external addresses, such as exchanges and hardware wallets.
  • Send cryptocurrency to relatives and friends using PayPal in seconds, with no fees or network expenses.

Talking more on the subject Mr Fernandez has mentioned. That this feature is mainly implemented to increase accessibility to the customers and. Also for the functioning of the applications effectively. 

In this context, reports confirm that Paypal has been granted full Bitlicense by the New York Department of Financial Services. The company has made a record. Of being the first ever to have converted a conditional bitlicense to a full bit license. 

PayPal has also been exploring the launch of its own stablecoin, and is interested in connecting users with web3, the catchall term for decentralized finance, nonfungible tokens, and other crypto applications, though no specific decision has been made,” Mr Fernandez told Bloomberg.

Thus Paypal might increase its market cap as well as ease many difficulties that cryptocurrencies have been facing since their popularity has increased in the market. This feature might prove very useful for a lot of people who deal with crypto.