PayPal Payment System Launches New Function That Allows Cryptocurrency Transfer To Other Wallets
08/06/2022
Starting today, PayPal will support cryptocurrency transfers between the platform and other wallets and exchanges, in response to a long-standing customer request, according to a statement sent by the financial giant. went in last night.
PayPal launches a new function that allows transferring crypto to other wallets
PayPal is finally allowing crypto holders to move their digital assets off its platform to other wallets and exchanges, the most frequently requested feature since the buy and sell service. and the fintech giant's crypto holdings went live in October 2020.
Jose Fernandez da Ponte, SVP and GM of blockchain, crypto and digital currency at PayPal said:
“Adding the ability to transfer, send and receive cryptocurrency is another step in the journey to building a more inclusive and efficient financial system. We are excited to connect our customers with other wallets, exchanges and apps. We will continue to roll out even more useful features, products and services in the coming months.”
PayPal's cryptocurrency service launched in late 2020, PayPal allows users to trade 4 coins: Bitcoin, Ethereum, Bitcoin Cash and Litecoin, but cannot transfer these assets to other wallet addresses like Metamask , Coinbase or hardware wallets. By the first quarter of 2021, PayPal has expanded this service to include Venmo e-wallet.
Not stopping there, the company also introduced the service "Checkout with Crypto" to support payments in crypto on PayPal. The move should immediately prompt Coinbase to assist customers with purchasing crypto through PayPal. Back at CoinDesk's Consensus 2021 Conference last May, senior management at PayPal confirmed that PayPal was about to allow customers to withdraw crypto from the app, but has yet to set a date. Specifically.
PayPal is known for its steadfast stance and undying belief in the future of the cryptocurrency market. PayPal CEO Dan Schulman announced the company is ready to "double down" on crypto investments by 2021 and expand its crypto trading services in the UK in the near future. PayPal is also rumored to be developing a stablecoin backed by US dollars.
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