Paypal Crypto Owners Can Now Transfer Tokens to Wallets
Godfrey Benjamin Jun 08, 2022 02:15
Fintech giant Paypal Holdings has upgraded its crypto wallet capabilities. Users of the app can now send supported digital assets to other wallets.
Fintech giant Paypal Holdings has upgraded its crypto wallet capabilities. Users of the app can now send supported digital assets to other wallets.
With this upgrade, users can now send Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) to other Paypal users as well as external wallets, which may also include those from trading platforms.
The move has now effectively opened Paypal’s crypto-economy, which at best was closed up before. The move is also being seen as a way to integrate users’ interests and demands while eliminating the monopoly tag from Paypal as a platform.
“Adding the ability to transfer, send, and receive cryptocurrencies is another step in our journey to building a more inclusive and effective financial system,” said Jose Fernandez da Ponte, SVP and GM of blockchain, crypto, and digital currencies at PayPal, in a statement. “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.”
The newly added functionality, in accordance with Fernandez da Ponte, will permit crypto holders within the Paypal app to do more with their digital assets. The move was made at a time when the digital currency ecosystem was experiencing a massive correction. Despite the current outlook, Paypal remains committed to the ecosystem in which it has started expanding beyond the shore of the United States.
“This move shows we’re in this for the long term,” Fernandez da Ponte added. “I think it’s important to stay the course and continue to invest in the space.”
Mikkel Morch, Executive Director at crypto/digital asset hedge fund ARK36, commented about the latest move of Paypal, and said despite the bear market conditions is still in the crypto space. This is significant because it shows that the popular demand for new and easier ways to access cryptocurrencies is as strong as ever.
"Clearly, users are focusing not only on the speculative aspect of cryptocurrencies but also on the innovation they offer in terms of payments and transactions. So the mainstream adoption of crypto is accelerating even in a bear market and - when broader macroeconomic conditions are right - it will inevitably be reflected in the price of these assets as well.”
Besides Paypal, other Fintech companies are also taking the initiative to support crypto transfer from one wallet to the other. Revolut is one of the platforms that has also made this move, as it looks to diversify its options to foster a broader financial inclusion.
Besides the new wallet functionality, Paypal also announced it has received a full BitLicense from the New York Department of Financial Services (NYDFS).
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