PayPal now allows crypto exchanges to and from other platforms

The American online payment giant, PayPal, has just taken a new step in its commitment to cryptocurrencies. Indeed, according to a press release published by the firm on Tuesday, June 7, 2022, its users can now send, receive, and transfer bitcoins and certain other cryptocurrencies to external wallets and exchange platforms.

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A more inclusive financial system

For Jose Fernandez da Ponte, vice president of PayPal in charge of cryptos and blockchainthe measure aligns with PayPal’s efforts to “to build a more efficient and inclusive financial system”. “We are excited to be able to connect PayPal users to other exchange wallets, platforms, and apps, and we will continue to roll out additional crypto features, products, and services in the coming months.” continues the official in the press release.

While da Ponte says the new feature is one of the most requested changes by PayPal users, he says, however, that only a limited group of them, located in the US, can take advantage of it for now. It will be extended in the coming months.

As a reminder, PayPal launched its crypto offer in October 2020, allowing its customers to buy, sell and keep cryptocurrencies (Bitcoin, Ethereum, Bitcoin Cash, and Litecoin) in their PayPal account. Since then, the company has signed several partnerships which, according to its CEO, Dan Schulman, “significantly contribute to shaping the role that cryptocurrencies will play in the future of international finance and trade”.

Read also : PayPal begins laying off staff to cut spending

Enthusiasm mitigated by several obstacles

PayPal is not the only popular digital payment platform that has been overwhelmed by the wave of cryptocurrencies and blockchain. Others, such as Visa Where MasterCard also fell in love with these new technologies.

Visa reported that payments made by its users with a crypto-linked card amounted to $2.5 billion in the quarter ended December 31, 2021. The juggernaut also set up a cryptocurrency advisory service last December to help banks grow in this segment.

As for Mastercard, the platform has established several partnerships with firms specializing in crypto, such as Nexo or Bakkt.

Moreover, the last few months have not been very favorable to cryptocurrencies, the value of which has experienced a significant drop. However, crypto assets continue to have momentum and according to Harold Bossé, vice president of new product development and innovation at Mastercard, their mass adoption could come soon enough. This, provided that certain barriers, such as the cost and speed of transactions or regulatory problems, are overcome. The official was speaking during a blockchain webinar held on May 24.

Read also : Crypto: Over $8 billion laundered in 2021

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PayPal now allows crypto exchanges to and from other platforms


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