PayPal Allows Crypto Transfer to External Wallets

PayPal Holdings Inc announced that it will now allow users to move cryptocurrencies such as bitcoin to external wallets. This has happened nearly two years after the financial giant opened up its platform to digital currencies.
The service will be offered to select US users and will be pushed out to all qualified US consumers over the next few months, according to the San Jose, California-based startup.
In October 2020, PayPal began enabling clients to purchase, trade, and hold bitcoin, Ethereum, bitcoin cash, and lite coin. However, customers were previously barred from moving cryptocurrency assets outside the platform.
Users had been requesting for the new feature since the company permitted buying and selling of crypto, PayPal said. As a result, crypto transfer has been a frequently demanded function since the platform’s introduction of digital currency. The company’s stock was up 0.3 percent at $87.08.
Despite big investments from celebrities, blue-chip firms, venture capitalists, and others over the last year, the crypto market has been as unpredictable as ever. This has diminished its value as an inflation hedge, but the digital currency continues to draw new clients.