PayPal introduced a new feature on June 7th that will allow its users to move cryptocurrency funds from their PayPal accounts to other cryptocurrency exchanges or wallets.
The payment platform users will be able to send crypto balances to other family members or relatives using the new tool.
Jose Fernandez da Ponte, senior vice president and general manager of PayPal’s crypto, blockchain and digital currency vertical, said: “It’s all about convenience and accessibility.” We’re making it a lot easier to move cryptocurrency around.”
He went on to say: “Customers who deposit cryptocurrency into PayPal can use our Checkout with Bitcoin product to spend their crypto at millions of outlets, extending the value of their crypto.”
According to PayPal’s vice president, new capabilities will result in more cryptocurrency usefulness cases in direct payment settlements.
For the time being, the new functionalities will only be offered to a select group of its users in the United States. This capability will be open to other US-based users next week as part of the next round of the deployment.
The New York Department of Financial Services recently granted the corporation a BitLicense. BitLicense is a very crucial license for crypto enterprises to provide services in crypto in New York, and obtaining one is still very difficult.
The payment platform implemented a crypto feature to improve the merchant payment system at first, but demand prompted the corporation to make crypto accessible to retail users later.
The corporation affirmed in November 2021 that it will continue to expand its crypto-related offerings.
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