PAYPAL WILL ALLOW MOVING CRYPTO TO EXTERNAL WALLETS

PayPal has announced that its users can transfer cryptocurrencies from the platform to external wallets. The news will allow users to transfer coins and tokens to their own wallets freely.

This is a long-awaited news because previously this possibility was inhibited, but now it is in response to a need from customers, who have been loudly requesting this change.

The new feature will be available at first for selected US users and will be fully operational in one or two weeks at most; it will thus allow crypto to be used elsewhere without being tied to the single market managed by PayPal itself.

This decision, which had already been on the company’s agenda for months, tends to offer an additional service to its users, in a market like cryptocurrency that is increasingly tempting the fintech giants.

Jose Fernandez da Ponte, senior vice president and general manager of PayPal’s blockchain, cryptocurrency and digital currencies division, said:

“This is about availability and utility.

We are improving greatly and making it easier to move cryptocurrencies’.

The company revealed that the New York Department of Financial Services has granted PayPal a BitLicense. A BitLicense allows a company to conduct virtual currency business, and Pay Pal was the first to obtain it among other companies that applied for it.

Recall that in January the payments giant PayPal was speculating on the launch of its own dollar-backed stablecoin and that 2021 had seen in March the €200 million purchase of the startup ‘Curv’ specialising in cryptographic security.

So the expansion in the digital sector of the US company continues, setting itself goals in the digital currency sector that it punctually achieves and that allow it to position itself as a forerunner and model to follow.