PayPal Allows Transfer Of Bitcoin, Other Cryptos To External Wallets
PayPal Holdings Inc. said on Tuesday that it will now allow users to transfer cryptocurrencies, including bitcoin, to external wallets, nearly two years after the fintech giant opened its platform for digital currencies.
The San Jose, California-based company said the feature will be available to select US users starting Tuesday and will be rolled out to all eligible US customers in the coming months.
PayPal began allowing customers to buy, sell and hold bitcoin, ethereum, bitcoin cash and litecoin in October 2020. But users were not previously allowed to transfer crypto holdings from its platform.
PayPal said that users were requesting for the new feature ever since the company allowed the buying and selling of cryptocurrencies. Shares of the company were up 0.3% at $87.08.
Since last year, the crypto market has seen an increase in investor interest on crypto investments with large venture investors, celebrities and blue-chip companies. However, the prices of such currencies remain volatile, reducing their appeal as a hedge against inflation.
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