PayPal now allows cryptocurrency exchanges to and from other platforms

The American giant of online payments, PayPal, has just taken a new step in its commitment to cryptocurrencies. In fact, according to a press release published by the company on Tuesday, June 7, 2022, its users can now send, receive and transfer bitcoins and others. cryptocurrencies to external portfolios and exchange platforms.

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A more inclusive financial system

For Jose Fernandez da Ponte, PayPal vice president in charge of cryptocurrencies and blockchainthe measure is in line with PayPal’s efforts to “To build a more efficient and inclusive financial system”. “We are thrilled to be able to connect PayPal users to other exchange wallets, platforms and apps and will continue to roll out additional cryptographic features, products and services in the coming months.” the official status continues in the press release.

While da Ponte says the new feature is one of the most requested changes by PayPal users, he says, however, that only a limited group of them, located in the US, can take advantage of it for now. It will be extended in the coming months.

Recall that PayPal launched its cryptocurrency offering in October 2020, allowing its customers to buy, sell and hold cryptocurrencies (Bitcoin, Ethereum, Bitcoin Cash and Litecoin) in their PayPal account. Since then, the company has signed several partnerships which, according to its CEO, Dan Schulman, “They contribute significantly to shaping the role that cryptocurrencies will play in the future of finance and international trade”.

Read also: PayPal begins firing staff to cut expenses

Enthusiasm mitigated by various obstacles

PayPal isn’t the only popular digital payment platform that’s been overwhelmed by the wave of cryptocurrencies and blockchains. Others, like Visa Where is it MasterCard he also fell in love with these new technologies.

Visa reported that payments made by its users with a cryptocurrency-linked card totaled $ 2.5 billion in the quarter ended December 31, 2021. The behemoth also set up a cryptocurrency advisory service last December to help banks. to grow in this segment.

As for Mastercard, the platform has established several partnerships with companies specializing in cryptocurrencies, such as Nexo or Bakkt.

Furthermore, the last few months have not been very favorable for cryptocurrencies, the value of which has experienced a significant decline. However, crypto assets continue to gain momentum, and according to Harold Bossé, vice president of new product development and innovation at Mastercard, their mass adoption could come soon enough. This, provided that certain barriers are overcome, such as the cost and speed of transactions or regulatory issues. The official was speaking during a blockchain webinar held on May 24.

Read also: Cryptocurrencies: Over $ 8 billion laundered in 2021

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