Some PayPal customers can now move their cryptocurrencies, such as bitcoins, from their accounts to external wallets and exchanges.
The online payments giant announced that some U.S. customers will be able to use the service this week, and in the coming months it will be available to all U.S. customers. This will make life much easier for online gambling enthusiasts, now they will be able to deposit and withdraw cryptocurrency from ethereum casinos.
PayPal and its Venmo app are used by hundreds of millions of people around the world to transfer money.
The new service means that PayPal customers can also send cryptocurrency to other PayPal users in seconds without any fees or network charges.
In October 2020, the company began allowing customers to buy, sell and store bitcoins, etherium and litecoin. However, they could not withdraw cryptocurrency assets from their platform - until now.
"This feature has consistently been rated by users as one of the most sought-after enhancements since we started offering cryptocurrency purchases on our platform," Jose Fernandez da Ponte, senior vice president and general manager of blockchain, cryptocurrencies and digital currencies at PayPal, said in a statement.
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PayPal is pushing to include cryptocurrencies in its services.
Last March, PayPal launched a feature allowing customers to pay with crypto-assets in millions of online businesses. Earlier this year, the company also said it was exploring the possibility of launching its own Stablecoin, dubbed PayPal Coin. So consider investing in stablcoin if you're interested, check out this source.
Euronews Next contacted PayPal and asked if it would offer the new feature to users in Europe. The company declined to comment on further plans.
PayPal is not the first digital payments company to transfer crypto assets from its platform. In April, Robinhood said its 2 million "eligible" customers could transfer digital assets from its platform after activating a crypto wallet.
