PayPal allows users to transfer BTC and ETH to external wallets, offering a long-demanded feature so let’s have a closer look at our latest cryptocurrency news today.
PayPal announced that crypto users can now move funds off its platform which is a move that will make the company’s offering more like other crypto services. The financial giant said in a statement:
“Starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges.”
The ability to conduct external transfers on the PayPal crypto paltform will start rolloing out to users and will be available to anyone in the US in a week or two. PayPal launched its crypto offerings in late 2020 and allowed users to buy and sell cryptocurrencies like, Bitcoin, Litecoin, Ethereum, and Bitcoin Cash but users were unable to move the funds to external destinations like coinbase, Metamask, or other hardware wallets. The fact users can do this now is amazing since PayPal also owns the Venmo app and it is used by hundreds of millions of people across the world to move money and also is used by merchants as a payment platform.+
We’re excited to announce that PayPal will begin supporting the transfer of cryptocurrencies between PayPal and other wallets and exchanges. This feature is rolling out to all eligible US customers in the coming weeks. Learn more: https://t.co/PelvFv7eRW pic.twitter.com/YkzPOV7teq
— PayPal (@PayPal) June 7, 2022
It is notable that PayPal is not backing off its ambitious plans despite the financial downturn which saw the company’s share price get a crash in recent months. A PayPal executive said the company is taking a longer view when it comes to pursuing the crypto strategy. Jose Fernandez da Ponte said:
“The whole reason we’re in crypto is that we believe a substantial portion of commerce is going to move to digital currencies.”
He added that this is a major reason that the company doesn’t charge for crypto transactions because its crypto plans revolve around commerce and not operating the exchange business. He also noted that PayPal is bullish on more countries and embraced stablecoins as well as central bank currencies which will favor the company’s business model. It Is still unclear how much crypto will contribute to the PayPal bottom line especially as the company doesn’t disclose how many people use BTC and ETH services. If Robinhood and Coinbase are any comparisons, the volume of transactions at PayPal dropped dramatically with the recent market downturn. Now, PayPal allows users more features, and Da Ponte added:
“There’s a lot of discussion about crypto winter, but it’s important to see beyond that. The macro trend [of broad crypto adoption] is undisturbed.”
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