Online payments giant PayPal has upgraded its crypto services to allow token transfer to other wallets and exchanges. According to the company’s crypto Chief Jose Fernandez da Ponte, the feature allowing users to move their crypto wallets to third-part wallets started in 2021.
PayPal Users to Move Crypto to Other External Wallets
With this new feature, users can transfer select cryptocurrencies to other PayPal users, exchanges, and external wallets. The supported tokens are Bitcoin, Ether, Bitcoin Cash, and Litecoin.
According to Fernandez da Ponte, this is the most demanded feature from PayPal users since introducing crypto payments. Despite the recent crypto downtime, PayPal hopes to boost app usage with the launch. PayPal’s consumer data showed that the average revenue per active account is increases for customers who go beyond the standard traditional checkout button.
The users will bear the transaction charges. The charges vary depending on the blockchain and the type of token. However, internal transfers from one PayPal user to another have no transaction charges.
Together with the expansion to crypto transfer, payments processor PayPal secured a full BitLicense from the New York Department of Financial Services (NYDFS). It is the first company to upgrade this license from the conditional version.
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PayPal Expansion into Cryptocurrency
PayPal’s expansion into more crypto services signals that the company entered the space to stay. PayPal CEO Dan Schulman stated that the online payments giant would double down on efforts to its digital wallet. Moreover, earlier this year, online payments giant PayPal revealed its exploration plans for developing a US dollar-backed stablecoin.
PayPal’s move from a regimented custodial platform to a more open system follows Revolut, which made a similar move in May 2021. Similarly, trading app Robinhood released a new crypto wallet focused on decentralized finance (DeFi) and non-fungible tokens (NFTs).