In response to several customer requests, PayPal, the world’s largest payments processor, is now allowing users to move their cryptocurrency holdings from their PayPal accounts to external wallets and exchanges.
This technology has long been touted as an alternative to traditional payment systems since it eliminates the need for intermediaries.
This is despite the fact that conventional businesses like banks and credit unions have been hopping on the bitcoin bandwagon in recent months.
Now, PayPal customers may transfer their cryptocurrency holdings to other accounts and hardware devices. According to a blog post, PayPal will now facilitate the native transfer of cryptocurrencies between PayPal and other wallets and exchanges.
All qualified U.S. clients will soon be allowed to transfer bitcoin, starting with a small group of chosen consumers today.
For a global firm, PayPal has jumped into the cryptocurrency pool quite a bit.
Users will be able to purchase and trade Bitcoin, Ethereum, Litecoin, and Bitcoin Cash as of October 2020. Customer payments may now be made using “Checkout with Crypto,” a new function offered by the company’s Venmo subsidiary in San Jose, California.
As a result of this news, the cryptocurrency markets went on a bull run at the time, with many believing it was a significant step toward mainstream acceptance and adoption of the emerging asset class. PayPal’s action, however, was not well received by all crypto enthusiasts. Transferring crypto from one wallet to another was not an option with the company’s service, thus your funds remained locked up until you were ready to part with them.
Since the platform is utilized by hundreds of millions of individuals across the world to transfer payments, the fact that clients may now transfer their crypto outside of the site is significant
PayPay doesn’t seem ready to follow Tesla, MicroStrategy, and other publicly listed firms in adding bitcoin to their corporate coffers despite the introduction of additional crypto-related features