PayPal allows transfer of crypto to external wallets By Reuters

© Reuters. FILE PHOTO: The PayPal logo is seen displayed on a smartphone in front of the same logo displayed in this illustration taken September 8, 2021. REUTERS/Dado Ruvic/Illustration

(Reuters) – PayPal Holdings Inc said on Tuesday it will now allow users to transfer cryptocurrencies, including bitcoin, to external wallets, nearly two years after the fintech giant opened its platform. form to digital currencies.

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

PayPal (NASDAQ:) began allowing customers to buy, sell, and hold bitcoin, ethereum, bitcoin cash, and litecoin in October 2020. But users weren’t allowed to move crypto holdings off its platform anymore. early.

Users had requested the new feature since the company allowed buying and selling of crypto, PayPal said. Shares of the company rose 0.3% to $87.08.

Since last year, the crypto market has seen a resurgence in investor interest with major venture capitalists, celebrities, and blue-chip corporations doubling down on their crypto investments. However, the prices of these currencies have remained volatile, dampening their appeal as an inflation hedge.

Shirlene J. Manley