In response to the growing demand for crypto services, PayPal updates its platform to allow users to buy, sell, and trade crypto from their own accounts to other wallets and exchanges.
With the new feature, PayPal claims that its users can transfer their cryptocurrencies (the platform currently supports Bitcoin, Ethereum, Bitcoin Cash, and Litecoin) from its app to exchanges and hardware wallets “in seconds”.
“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,” PayPal said in its press release.
Aside from the added functionality with managing crypto, PayPal has also been granted a full Bitlicense by the New York Department of Financial Services (NYDFS), making them the first company to convert a conditional Bitlicense into a full Bitlicense. This is a step in the right direction for PayPal to remain committed to making digital currencies accessible to everyone while fully complying with regulatory guidelines and best practices.
As of this writing, the new service is available now to select US users and will start rolling out to all eligible US customers in the coming weeks. No word yet when the feature will be made available to other countries.
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