Bitcoin and Ethereum transfers to external wallets and exchanges are now enabled in PayPal

Bitcoin and Ethereum transfers to external wallets and exchanges are now enabled in PayPal

With the ability to transfer bitcoin, ether and other digital currencies, PayPal’s crypto offerings are now more in line with other popular crypto services and could potentially attract more users to the platform.

PayPal has added a long-awaited feature to its app’s crypto functionalities. The platform now supports third-party wallet transfers, allowing customers to move their bitcoin (BTC), ether (ETH), and other digital currencies to other wallets and exchanges.

“Starting today, PayPal will support native cryptocurrency transfers between PayPal and other wallets and exchanges,” the financial services giant said in a statement, according to Decrypt.

Rollout of the new feature began on Tuesday, June 7, 2022. The company anticipates that the rollout will be complete in the next week or two, allowing all US users to make crypto transfers from their platform to other wallets and exchanges by then.

Customers have been asking for such a feature since PayPal introduced the ability to buy, sell, and hold cryptos in October 2020. Jose Fernandez da Ponte, senior vice president, blockchain, crypto and digital currencies at PayPal, told Coindesk that it has been working since 2021.

“We’re definitely responding to user demand, that’s one aspect,” da Ponte said in an interview. “We’ve also made it very clear from the start that we’re in it because we’re a payments and commerce company, and we think our role in the ecosystem is to increase access.”

With the ability to transfer bitcoin, ether and other digital currencies, PayPal’s crypto offerings are now more in line with other popular crypto services and could attract more users to the platform. “The early signs in terms of demand are very encouraging,” commented da Ponte.

“I don’t know if it’s about the absolute number of users or if it’s more about people moving further down the adoption cycle,” he added. “We have a lot of people now who have embraced the base product and as they grow they want to do more things. So it’s less about bringing in experienced users from outside and more about continuing the learning curve for our base.”

Aside from supporting crypto transfers with third-party wallets, PayPal is also considering the possibility of introducing NFTs and stablecoins to its platform. “We want people on our platform who acquire digital currencies to then be able to use them for something, whether it’s buying NFTs or interacting with games or other things, and stablecoins are a component of that and for the trading and payments aspect really important to grow,” said da Ponte,

PayPal is not bothered by the recent crypto market downturn, which saw Bitcoin trade below $30,000 and Ether below $2,000. “There’s a lot of discussion about crypto winter, but it’s important to look beyond that,” da Ponte told Decrypto. “The macro trend [of broad crypto adoption] is undisturbed.”

TokenPost | [email protected]

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers