PayPal’s cryptocurrency-related services are now expanding to include asset transfers between different addresses. Thus, the company continues its immersion in the Web3 universe and also informs that it has obtained a license in the state of New York
PayPal enhances its cryptocurrency services
PayPal informs that a portion of its US users, can now send and receive cryptocurrencies from their account. In the coming weeks, these features will gradually open up to the rest of the US:
We’re excited to announce that PayPal will begin supporting the transfer of cryptocurrencies between PayPal and other wallets and exchanges. This feature is rolling out to all eligible US customers in the coming weeks. Learn more: https://t.co/PelvFv7eRW pic.twitter.com/YkzPOV7teq
– PayPal (@PayPal) June 7, 2022
This new feature was one of the most recurrent requests from users since PayPal’s debut in the cryptocurrency world.
In addition, the company also claims to be the first to obtain a full BitLicence from the New York Department of Financial Services (NYDFS). This is a status more or less similar to the French PSAN, which is aimed at digital asset service providers operating in New York State.
The company is delighted with its new upgrade and maintains that this is just the beginning of its Web3 journey:
“We are excited to connect PayPal customers to other wallets, exchanges and apps, and will continue to roll out additional crypto features, products and services in the coming months. “
Features deployed
US users of PayPal already had the ability to make crypto payments at participating merchants through the “Checkout with Crypto” feature. From now on, the company believes that this feature will grow with the arrival of transfers.
Indeed, the usefulness has been limited until now, as cryptocurrencies had to be purchased first in order to be spent. But it is now possible to fund your account with assets from other addresses.
Receive cryptocurrencies with PayPal
The wallet deployed by PayPal does not allow control of its own private keys, it is a custodial wallet. Thus, the receiving address for a digital asset changes with each transaction, as is already the case on other centralised platforms.
While care must therefore be taken not to use the same address several times, at the risk of losing funds, it is on the other hand a confidentiality asset when receiving cryptocurrencies from third parties.
We have no information about the arrival of these different services in the rest of the world. Furthermore, PayPal’s offering is still limited to Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). Despite this, the company’s scale makes it an interesting democratising vehicle for our ecosystem
