There has been a massive development in the bridging of centralized finance and decentralized finance. Global payment providers such as Mastercard and PayPal have been elemental in this development by allowing for easy access to digital currencies for their respective massive user bases.
In another development, PayPal recently announced that it would support the native transfer of cryptocurrencies between PayPal and other exchanges and wallets. This update has been rolled out considering the user demand after the allowance of purchasing cryptocurrencies using PayPal.
What to Expect?
According to the press release by PayPal, users can now,
- Transfer supported coins into PayPal.
- Move crypto from PayPal to external crypto addresses, including exchanges and hardware wallets.
- Send crypto to family and friends on PayPal in seconds, with no fees or network charges to send or receive.
“Allowing PayPal customers the flexibility to move their crypto assets (Bitcoin, Ethereum, Bitcoin Cash, or Litecoin) into, outside of, and within our PayPal platform reflects the continuing evolution of our best-in-class platform and enables customers to interact with the broader crypto ecosystem.
Customers who transfer their crypto into PayPal can extend the utility of their crypto by spending using our Checkout with Crypto product at millions of merchants.” said Jose Fernandez da Ponte, Senior Vice President and General Manager, Blockchain Crypto & Digital Currencies of PayPal.
This feature enables more flexibility for the PayPal customers to move their assets (Bitcoin, Ethereum, Bitcoin Cash, and Litecoin) into, outside of, and within the PayPal platform. Moreover, the payment provider has also obtained a full Bitlicense from the New York Department of Financial Services (NYDFS) and became the first company to convert a conditional Bitlicense into a full Bitlicense.
“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. We look forward to hearing more customer and community feedback as we enhance our digital currency capabilities.” said PayPal in the press release.
It is interesting to observe the massive adoption of digital currencies in real-time.