Fintech giant Paypal Holdings has upgraded its crypto wallet capabilities. Users of the app can now send supported digital assets to other wallets.
With this upgrade, users can now send Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) to other Paypal users as well as external wallets, which may also include those from trading platforms.
The move has now effectively opened Paypal’s crypto-economy, which at best was closed up before. The move is also being seen as a way to integrate users’ interests and demands while eliminating the monopoly tag from Paypal as a platform.
“Adding the ability to transfer, send, and receive cryptocurrencies is another step in our journey to building a more inclusive and effective financial system,” said Jose Fernandez da Ponte, SVP and GM of blockchain, crypto, and digital currencies at PayPal, in a statement. “We’re excited to connect PayPal’s customers to other wallets, exchanges, and applications, and we will continue to roll out additional crypto features, products, and services in the months ahead.”
The newly added functionality, in accordance with Fernandez da Ponte, will permit crypto holders within the Paypal app to do more with their digital assets. The move was made at a time when the digital currency ecosystem was experiencing a massive correction. Despite the current outlook, Paypal remains committed to the ecosystem in which it has started expanding beyond the shore of the United States.
“This move shows we’re in this for the long term,” Fernandez da Ponte added. “I think it’s important to stay the course and continue to invest in the space.”
Besides Paypal, other Fintech companies are also taking the initiative to support crypto transfer from one wallet to the other. Revolut is one of the platforms that has also made this move, as it looks to diversify its options to foster a broader financial inclusion.
Besides the new wallet functionality, Paypal also announced it has received a full BitLicense from the New York Department of Financial Services (NYDFS).
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