This past Tuesday, finance giant PayPal announced the release of a long-demanded feature. PayPal users may now transfer Bitcoin and other cryptocurrency funds off the platform and into external wallets.
According to a newsroom announcement from PayPal on June 7th, 2022, the platform now supports “the native transfer of cryptocurrencies between PayPal and other wallets and exchanges.”
Additionally, PayPal noted that this feature has been one of the most requested for the platform.
PayPal users will now be able to access several new features that include: withdrawing Bitcoin and cryptocurrency to web wallets, hardware wallets, and other third-party exchanges. Additionally, it will allow users to deposit Bitcoin and other cryptocurrencies into their existing accounts and send these digital assets to their contacts.
PayPal will first be rolling this service out to a select group of test users. Over the next few weeks, the withdrawal feature will be extended to all U.S. customers.
Bitcoin and Cryptocurrency Adoption Continues to Rise
PayPal’s first major “crypto” update came in October of 2020 when the company announced it would be adopting a more “crypto-friendly system.”
The financial giant eventually announced in March 2021 that it would allow users to spend their Bitcoin and cryptocurrencies with online merchants that were integrated with the company’s service.
PayPal has increasingly growing competition within the payment processing market. Competitors such as Shopify and Amazon have continued to take market shares from the company, forcing leadership to rethink its strategy by adopting a more open approach when it comes to Bitcoin and other digital assets.