PayPal Enables Crypto Transfer to External Wallets

PayPal has announced a new feature to help manage crypto better than before. The fintech giant announced on Tuesday that it will allow cryptocurrency transfer to external wallets from now on.

The news comes two years after the online payments app opened its platform to digital currency.

The feature is already available to select users in the US, but it will roll out to all eligible users in the country in the coming months. It should reach other users around the globe later on.

PayPal originally started allowing customers to buy, sell, and hold Bitcoin, Ethereum, Bitcoin Cash, and Litecoin in October 2020, but users have been unable to move their crypto holding to an external platform ever since. For that reason, crypto transfer has been a highly requested feature ever since the digital currency was introduced to the platform.

Soon after the announcement, the company’s shares went up by 0.3% to $87.08.

Over the past year, the crypto market has been as volatile as ever despite major investments from celebrities, blue-chip companies, venture investors, and others. This has reduced its appeal as a hedge against inflation, but the digital currency continues to attract more customers still.