PayPal has decided to add more features to its cryptocurrency offerings.
Based on widespread client demand, leading payment company PayPal has announced that it has added new services to its cryptocurrency offering.
The company said in an announcement today that its more than 350 million users can now send supported cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC), out of its platform to their external wallets and exchange accounts.
“Starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges,” the popular financial institution noted in an announcement today.
Aside from transferring cryptocurrency assets off the platform, PayPal’s customers can also send crypto to other users within the app without any stress.
PayPal Fostering an Inclusive Financial System
Jose Fernandez da Ponte, PayPal’s SVP and GM of blockchain, crypto, and digital currencies, noted that the initiative is part of efforts by the company to develop an inclusive and effective financial system, adding:
“We’re excited to connect PayPal’s customers to other wallets, exchanges, and applications, and we will continue to roll out additional crypto features, products, and services in the months ahead.”
Per the announcement, the service will be gradually rolled out to PayPal’s customers starting today, and in the next two weeks, the financial giant plans to fully make external cryptocurrency transfers available to all customers in the United States.
PayPal Cryptocurrency Offering
Recall that PayPal first introduced cryptocurrency services to its over 300 million customers in 2020. However, PayPal’s crypto services were limited as customers were only allowed to buy, store, and sell the nascent asset class.
Interestingly, PayPal has now allowed its customers to do more with their crypto assets, which involves removing the limitations that stop people from sending their digital currencies off the platform.
PayPal Shows Resilience Despite Crypto Market Dip
Meanwhile, the development comes at a time when the cryptocurrency market has suffered significant losses in the past few weeks.
The crypto market lost billions of dollars following the plunge of Terra ecosystem tokens, UST, and LUNA, which wreaked havoc on the entire crypto market.
Despite the plunge in the market, PayPal is not reconsidering its support for cryptocurrency services, as it proceeded to add more features to the offering.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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