The giant online payment system, Paypal, is now allowing access to users to transfer cryptocurrencies to other exchanges and wallets through its platform. Paypal revealed that such a system had been the most requested enhancement since Paypal began offering the ability to buy crypto on the forum.
The company formally announced on Tuesday that they were thrilled to announce that from that day onwards, Paypal would support the native transfer of cryptocurrencies to other digital exchanges and wallets through Paypal.
Paypal further stated that the users had been requesting to add this feature as the requests were consistently ranked.
However, Paypal has also revealed that the feature is not open to all. Instead, only a select U.S. Paypal user would initially benefit from it. However, Paypal is optimistic that it will be rolled out to all eligible U.S. Paypal users in the coming weeks.
Through the new feature, the users can transfer the supported cryptocurrencies from and to Paypal. Additionally, the users will be able to send the coins to their friends and family without any network charges or fees to send or receive the coins.
Currently, Paypal supports only four cryptocurrencies. These include Bitcoin (BTC), litecoin (LTC), bitcoin cash (BCH), and Ethereum (ETH).
Millions of merchants worldwide give customers the option to make transactions through cryptocurrencies. Through the new feature, the users can buy goods and services from all such merchants that offer a crypto checkout.
Apart from the huge announcement, Paypal also revealed that the New York Department of Financial Services (NYDFS) had granted Paypal a full bitlicense.
In October 2020, it became the first company to have obtained a conditional bitlicense. And now, on Tuesday, it became the first to acquire a full bitlicense.
Through the addition of the new feature, the entire crypto industry will benefit. Paypal is a payment giant with over 426 million active users worldwide. Though initially, only the select U.S users can make use of the new feature, the feature will inevitably become available to all the Paypal users worldwide.