PayPal Users Can Now Transfer Crypto To Digital Wallets, Make Transactions Easier

JAKARTA - PayPal Holdings Inc announced on Tuesday, June 7 that their app will now allow users to transfer cryptocurrencies including bitcoin to an external wallet.

This is the first time this has happened in almost two years since the fintech giant in the world opened its platform to digital currencies.

According to the San Jose, California-based company, the feature will be available to select US users starting Tuesday and will roll out to all eligible US customers in the coming months.

PayPal began allowing customers to buy, sell, and hold bitcoin, ethereum, bitcoin cash, and litecoin in October 2020. But users were not allowed to move crypto holdings from the platform beforehand.

“Users have been asking for new features ever since the company allowed the buying and selling of crypto,” PayPal said. The announcement had sent PayPal shares up 0.3% at 87.08 dollars.

Since last year, the crypto market has seen a surge in investor interest with big venture investors, celebrities, and blue-chip companies doubling down on their crypto investments. However, the currency's price remains volatile, dimming its appeal as a hedge against inflation.