PayPal has previously announced the possibility of receiving and sending encrypted digital currencies, but in a limited way, that is, through its wallets only.

For the global financial payments company to announce a very important and much needed update and upgrade from users, which is to allow cryptocurrency owners to transfer their cryptocurrency from the platform to third-party wallets and platforms.

PayPal Now Allows Crypto Transfer to External Wallets:

For years, Bitcoin has been hailed as a technology that will replace centralized payment services because it will lower transaction costs by eliminating middlemen.

To stay competitive there is a flurry of activity among traditional service providers, by exploring more ways to incorporate cryptocurrencies into their toolkits.

Read:China’s Supreme Court Declares Cryptocurrency Not Protected By Law

Today, PayPal confirmed that users can now transfer their cryptocurrency to external wallets and devices.

What was stated in the publication and announcement:

Starting today, PayPal will support the original transfer of cryptocurrency between PayPal and other wallets and trading platforms.

The ability to transfer cryptocurrency will be available as an option to users from today and will open to all eligible customers in the US in the next week or so.

Paypal is gradually expanding its crypto offerings:

For a multinational company, PayPal has sunk deep into crypto waters.

In October 2020, the company started allowing users to buy and sell Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

The San Jose, California-based company then expanded the service to its Venmo subsidiary and also launched a “Checkout with Crypto” feature for customers to pay merchants with cryptocurrency.

The news at the time sparked a rally in the cryptocurrency markets as many believed it was a major step in the acceptance and adoption of the emerging asset class.

However, not all crypto enthusiasts were in favor of PayPal’s move.

Read:Binance Labs leads a $12 million investment round for a crypto wallet… Details here

The company’s service did not allow the transfer of cryptocurrencies to other wallets outside the site, which means that the cryptocurrencies will remain in the user’s account until they are ready to sell.

The fact that customers can now transfer their cryptocurrency to external destinations is critical because the platform is used by hundreds of millions of people around the world to transfer funds.

Despite introducing more crypto features, PayPal doesn’t seem ready to join companies like MicroStrategy, Tesla, Block, and other publicly traded companies that have added bitcoin to their own vaults.

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