Paypal now allows the transfer of cryptos to external exchanges and wallets. – Latest News

Yesterday, PayPal announced that users can now transfer their crypto funds outside of its platform. This is a long-awaited feature that will bring the company’s product closer to other popular cryptocurrency services.

A new transfer feature cryptos

Last year, PayPal started supporting cryptocurrency transactions. However, receiving and sending cryptocurrency to external wallets or even other PayPal users was impossible. The company is finally beginning to lift this restriction by introducing a new feature.

The press release states: “Starting today, PayPal supports native transfer of cryptocurrencies between PayPal and other wallets and exchanges.”

Thanks to this whole new feature, PayPal customers can transfer cryptocurrency from PayPal to external crypto addressesincluding exchanges and hardware wallets. Users can also send cryptocurrency to family and friends on PayPal with no fees or network fees.

According to the press release, the new service is already available to some US users. Indeed, it will be rolling out to all eligible US customers in the coming weeks.

Additionally, the company disclosed that the New York Department of Financial Services granted PayPal a license BitLicense. BitLicense allows companies to do business with virtual currency. According to the company, PayPal was the first to convert a bitlicense conditional in one bitlicense complete.

Read more: Binance plans to collaborate with Malaysian exchanges to drive crypto adoption.

An overview of the quarterly results of PayPal

In November 2021, the company confirmed in its quarterly results that PayPal planned to expand its cryptocurrency offerings.

In addition, PayPal’s revenues in the first quarter of 2022 were $6.48 billion. The year-over-year increase of 8% was above market expectations. However, he lost 32% of its operating profit to $711 million. The company said net income of $509 million and one EPS of $0.43, down 53%. Adjusted earnings per share fell 28% to $0.88.

Additionally, the platform has recorded solid growth in payment volume from one year to the next. From January to March 2022, it processed $323 billion in payments, a 15% increase from 2021. PayPal said rising inflation and the conflict in Ukraine could hurt transaction volumes on its platform. In fact, deal growth has slowed markedly over the past quarter.

Also read: The Central African Republic announces a project to tokenize natural resources.

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Paypal now allows the transfer of cryptos to external exchanges and wallets. – Latest News

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