On June 7, PayPal introduced additional features to its cryptocurrency app for its customers. The changes, which were revealed this morning, enable users to move cryptocurrency between PayPal and other wallets in response to customer demand.
Users may now send supported tokens, including bitcoin, ether, bitcoin cash, and litecoin, to external addresses, including those associated with exchange accounts and hardware wallets. They may now use PayPal to transfer cryptocurrency to other users of the app. The move is similar to how Revolut, the neobank, increased its own cryptocurrency business in May of last year.
PayPal also said in its announcement that the New York Department of Financial Services (NYDFS) had awarded it a full BitLicense, converting from a conditional form of a licence.
“Adding the ability to transfer, transmit, and receive cryptocurrencies is another step in our path to establish a more accessible and effective financial system,” said PayPal’s SVP and GM of blockchain, crypto, and digital currencies, Jose Fernandez da Ponte, in a statement. “We are thrilled to link PayPal clients to other wallets, exchanges, and apps, and we will continue to roll out new crypto features, goods, and services in the coming months.”
On a quarterly earnings call in April, PayPal CEO Dan Schulman said that the business would “double down” on attempts to expand its digital wallet. Earlier this year, the company said that it was investigating the creation of a stablecoin backed by the US dollar.
