PayPal allows crypto withdrawal features to third-party platforms

Now PayPal users will be able to transfer Cryptocurrencies from PayPal to other crypto platforms with huge numbers of other features.

PayPal Holdings, Inc. is an American multinational financial technology company. This company operates as an online payments system in the majority of countries, where it supports online money transfers and serves as an electronic alternative to traditional paper methods such as checks and money orders. Right now PayPal is standing as the best international payment platform and also has hands in crypto since 2020. 

On 7 June, PayPal announced its new feature, which will allow PayPal users to transfer crypto funds from PayPal accounts to other crypto wallets or crypto exchanges. The new feature will also allow PayPal users to transfer crypto balances to other family or relatives.

The senior vice president, and general manager for PayPal’s blockchain, crypto, and digital currencies vertical, Jose Fernandez da Ponte, said:

“This is really about access and utility. We are greatly enhancing the utility of moving crypto around.”

Further, he added:

“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.”

So, according to PayPal’s vice president, new features will bring huge numbers of utility cases of crypto in the direct payment settlements.

For now the new features will be available for a limited number of US-based PayPal users. Under the next rollout phase, this feature will be available to other US-based users next week. 

Recently the New York Department of Financial Services has granted BitLicense to the PayPal company. BitLicense is a very important license for the crypto companies to operate services in crypto in NewYork and it remains very tough for the companies to secure BitLicense. 

Initially, PayPal added a crypto feature to make the merchant payment system better but later demands forced the company to make crypto available for retail users. In November 2021, the company confirmed that it will continuously expand its crypto-related services. 

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