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For a long time, users of global payment giants were asking to add the feature that was finally heard, and PayPal allowed them to move crypto to external wallets.
Good news for crypto users was brought along with the announcement of PayPal made on Tuesday. Global payment giant announced that now crypto users can move their funds from the platform. This long-awaited feature now would be added to PayPal, after which the offering of the company would be more like services of other popular cryptocurrency platforms.
In a statement, PayPal said that the payment company started supporting the cryptocurrencies’ native transfer between PayPal and other exchanges and wallets starting from the day of the announcement. The feature that makes it possible to initiate an external transfer on the crypto platform of PayPal started rolling out for its users from the day. It will be available to its users across the United States in the upcoming weeks.
It was in 2020 when PayPal launched its first crypto offering where that allowed users to buy, sell and hold several cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). However, by that time, PayPal did not have the facility to move or transfer the funds to some external destinations such as MEtaMash, Coinbase, or similar hardware wallets.
This could be a significant move considering the size of the financial payment behemoth and its range of serving its worldwide users. More than hundreds of millions of people use PayPal to move their money around the world, and it’s getting more popular being used as a payment platform for merchants.
However, it’s also worth noting that PayPal is not giving up its highly anticipated crypto plans even while looking at the financial downturn that made the share price of the company experience a thrash in the past several months. Senior Vice President of blockchain and crypto at PayPal, Jose Fernandez da Ponte stated that the overall reason for PayPal being in crypto is their belief that digital currencies are responsible for sustaining a significant amount of commerce.
Further, he added that this is quite a big reason for the company not charging any amount for crypto transactions, as PayPal’s crypto plans are around its commerce, not to act as a crypto exchange. Ponte also said that PayPal is bullish on the fact that more countries are looking to embrace stablecoins and central bank digital currencies, considering it as a development in an economy that would be beneficial for its business model.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
