PayPal Users Can Now Move Crypto To Third-Party Wallets• June 11, 2022 2:03 pm • Comments
PayPal has announced that it is now expanding its crypto services to allow its users to move crypto to other third-party wallets outside of the platform.
Such a feature was highly in demand by the crypto community as many had wanted more control and ownership over their digital assets.
Many other platforms have also been doing the same in recent times such as Robinhood which rolled out a new crypto wallet that would truly focus on the DeFi space.
PayPal’s lets you move the most popular cryptocurrencies and the new feature will be live starting Tuesday in select states and will be available in all states in the coming weeks.
NEW: @PayPal’s crypto service is getting less custodial. Select U.S. users can now transfer coins purchased on PayPal to external wallets and crypto exchanges.@IanAllison123 reportshttps://t.co/qvoUrAzqul
— CoinDesk (@CoinDesk) June 7, 2022
The ability to move bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC) from PayPal’s crypto platform to external wallets is available from Tuesday to select U.S. users (not in Hawaii) and rolling out to all eligible U.S. customers in the coming weeks, according to a blog post.
When PayPal first announced its move into digital assets, it seemed to kick-start a bull run in the crypto markets.
By allowing its customers to send and receive crypto, PayPal has become the world’s largest blockchain-enabled consumer digital wallet, according to Walter Hessert, head of strategy at Paxos, an infrastructure provider to PayPal.
In a statement, he said the platform was “a monumental step in the mainstream adoption of digital assets and Web3.”
PayPal also has future plans to ensure that its users are not only able to buy or sell crypto on its platform, but it also wants to allow users to use that crypto for various ways.
This could be using it to acquire NFTs, e-commerce, or utilize services that would require the use of crypto in some shape of form.
This strategy is part of the process where the company sees the mainstream public starting to get more and more knowledgeable of crypto.
With PayPal now pushing to give users as much freedom and control over their crypto as possible, this may encourage a new shift for all crypto platforms and services.
PayPal will let users transfer certain crypto to other customers, exchanges and external wallets https://t.co/5t1VeLVYh4
— Bloomberg Wealth (@wealth) June 7, 2022
Asked about predictions for increased use of the platform in light of the new transfer functionality, “the early signs in terms of demand are very promising,” da Ponte said.
“I don’t know if it’s going to be about the absolute number of users, or it’s going to be more about folks continuing to move in the adoption cycle,” he said, adding:
“We have a ton of people now who have adopted the basic product, and as they grow, they want to do more things.
So, it’s less about bringing sophisticated users from the outside, it’s more continuing the learning curve for our base.”
In the last 24hrs:
– Crypto bill arrives at Congress
– PayPal allows the transfer of crypto
– UK Gov to begin testing blockchain tech
– Citadel, Fidelity & Schwab to have a crypto trading platform
— Blockworks (@Blockworks_) June 8, 2022
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