PayPal is expanding its cryptocurrency offering, allowing users to transfer digital assets to other wallets and exchanges.
In a statement, the payments giant confirmed the announcement, providing clients more options when sending cryptocurrency to friends and family.
PayPal has long permitted customers in the United States and the United Kingdom to purchase and sell cryptocurrency, but its selection has been limited to four cryptocurrencies: Bitcoin, Ether, Litecoin, and Bitcoin Cash.
Another cause of annoyance has been users’ inability to move cash to competing platforms like Coinbase and MetaMask, either to acquire other altcoins or non-fungible tokens.
PayPal’s cryptocurrency rollout has been gradual and cautious, to say the least. However, CEO Dan Schulman, who was previously an outspoken Bitcoin skeptic, feels that this sector will be a critical component of the company’s offering in the years to come.
In a new interview with Decrypt, PayPal’s senior vice president of blockchain and crypto, Fernandez da Ponte, reinforced this position.
Despite the present bear market, he reiterated that “a significant percentage of trade is going to transition to digital currencies” — and noted that PayPal does not charge for crypto transactions since it would jeopardize the service’s utility as a payment method. Da Ponte continued:
- “There’s a lot of discussion about crypto winter, but it’s important to see beyond that. The macro trend [of broad crypto adoption] is undisturbed.”
