Since 2020, the PayPal payment giant has been up and running developing digital asset offering. This Tuesday, the company has just announced the addition of a new feature: the possibility for users to switch Bitcoin or Ethereum to external wallets.
A highly anticipated feature from users!
Since this Tuesday, cryptocurrencies can go through PayPal move their funds off the platform. A long-awaited feature of users that allows one of the world leaders in offering crypto payment online to expand further. In this way, PayPal also plans to come closer to the offers of certain players who have been offering this functionality for a long time.
Starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges.
If the feature is available from today in the US, the American giant plans a full deployment in 1 to 2 weeks. To date, there is no question of offering this feature to users in other countries..
Thanks to this offer, PayPal could thus attract new users. If the platform launched its crypto offering at the end of 2020, it initially only allowed to buy, hold and sell 4 different tokens: Bitcoin, Ethereum, Bitcoin Cash and Litecoin. From now on, users can transfer their funds to a wallet like Metamask or Coinbase. But also on a physical wallet.
Please note that users of the Venmo app may also appreciate this initiative, led by PayPal. This application, used by millions of people worldwide allows you to transfer money. Merchants are also increasingly using it as a payment platform.
PayPal: A long-term view of the crypto market
Through this new initiative, PayPal sets a new milestone in its development strategy in the crypto market. Despite the decline in the market for months, the American company continues to believe in its potential. According to the leaders, the crypto market needs to think in the long run above all else. As José Fernandez da Ponte, Vice President of the blockchain item at PayPal explains:
The reason we are in encryption is because we believe that much of commerce will be converted to digital currencies.
That is the main reason the company does not charge for encrypted transactions. PayPal firmly believes that the future of the crypto sector lies in its use as a payment method rather than a speculative asset. Not necessarily contradicting these two notions. The company is also confident that a large number of countries will adopt CBDC. In any case this hypothesis would give credibility to its economic model.
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