PayPal to enable crypto transfers to external wallets
Users will now be able to use the platform to send and receive cryptocurrencies.
PayPal has enabled a feature that would allow users to send cryptocurrencies to external wallets. This function will allow the payment behemoth to work like any other crypto service platform that provides currency transfers.
The announcement made on Tuesday followed a comment made by PayPal’s Vice President Richard Nash at the World Economic Forum on May 23.
Nash stated that the firm was, “Working hard to integrate all available digital services, including digital currencies and CBDC. Users would be able to use the app to send and receive cryptocurrencies.”
PayPal's first cryptocurrency offering dates back to 2020 when it launched a facility to store, purchase, and sell Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
However, the payment giant then did not enable the function that would allow fund transfers to external wallets. The new feature is likely to significantly impact how merchants transact worldwide on the platform.
By pushing crypto-use, the feature will be useful to millions who have been waiting for the payment giant to add this feature.
“The reason we’re now stepping into crypto is that we believe a substantial portion of commerce is going to move to those currencies,” said Jose Fernandez da Ponte, SVP of blockchain and crypto at PayPal.