Thing promised, thing due! – The vice president of PayPal had announced it during the World Economic Forum on May 23, 2022. The payment giant was then on the verge of including new crypto services on its platform. Well, it’s now done!
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PayPal’s new crypto features
On June 7, 2022, payment company PayPal announced the rollout of new features for crypto app users. Now users can transfer cryptocurrencies between their PayPal wallet and other wallets.
Thus users can send the cryptocurrencies supported by PayPal to external addresses, such as those linked to exchange accounts. Additionally, the supported cryptocurrencies at the moment are: bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and Litecoin (LTC).
“Adding the ability to transfer, send and receive cryptocurrencies is another step in our journey towards building a more inclusive and efficient financial system. We’re excited to connect PayPal customers to other wallets, exchanges, and apps, and we’ll continue to roll out additional crypto features, products, and services in the coming months. »
Jose Fernandez da Ponte, Senior Vice President of Cryptocurrencies at PayPal
In addition, PayPal obtained the conversion of its conditional license BitLicensein full license. These licenses are therefore granted by the New York Department of Financial Services (NYDFS). You should know that to date only one twenty licenses have been issued. In addition, this license is essential to offer crypto services for US residents. On the other hand, what is harmful is the cost of this license which is estimated at $100,000. This amount is undeniably an obstacle to obtaining it by crypto start-ups.
One of PayPal’s next goals may be to design its own stablecoin. This is indeed the statement made by the payment giant last January.
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