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PayPal is improving its crypto offering — and will now let users move digital assets to other wallets and exchanges.
The payments giant confirmed the news in a statement, giving customers greater flexibility when sending cryptocurrencies to their friends and family.
For some time now, PayPal has allowed users in the U.S. and U.K. to buy and sell crypto for some time, however, it limited its offering to four cryptocurrencies: Bitcoin, Ether, Litecoin and Bitcoin Cash. Worse still, users were unable to transfer their funds to rival platforms such as Coinbase and MetaMask limiting them from buying other altcoins or even NFTs.
It’s fair to say PayPal has been taking a slow, cautious approach to crypto adoption. But CEO Dan Schulman, once a vocal sceptic of Bitcoin, believes this sector will be a crucial part of its offering in the coming years.
This stance has been reiterated by PayPal’s senior vice president of blockchain and crypto, Fernandez da Ponte, in a new interview with Decrypt. Despite the current bear market, he doubled down on his assertion that “a substantial amount of commerce is going to move to digital currencies” — and explained that PayPal doesn’t charge for crypto transactions because this would undermine its usefulness as a payment method. He added: “There’s a lot of discussion about crypto winter, but it’s important to see beyond that. The macro trend is undisturbed.”
According to the company, PayPal clients may now transfer cryptocurrencies to and from their wallets. Withdrawals and deposits in cryptocurrency are now possible via PayPal.
PayPal confirmed that it would enable the native transaction of digital currencies between PayPal and other wallets and exchanges.
According to the company, the function is consistently regarded by customers as one of the most desired upgrades to the company’s crypto offering.
The new option allows users to withdraw bitcoin to crypto addresses, third-party exchanges, and hardware wallets. In addition, users can now deposit cryptocurrency into their PayPal accounts and transfer cryptocurrency to friends and family using the new tool. Supported assets include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) (LTC).
The service will be offered to a restricted number of users in the United States before being extended to all US consumers in the coming weeks.
PayPal launched a crypto trading tool in October 2020, but consumers had limited alternatives at the time other than swapping various currencies. These limitations drew a lot of criticism.
In March 2021, the firm allowed consumers to spend their bitcoin with PayPal-accepting retailers. On the other hand, commercial payments did not allow customers to withdraw funds to their personal wallets.
Personal cryptocurrency withdrawals were expected to happen someday. However, the feature has been in the works for at least a year, with PayPal officials talking about it since mid-2021.
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