Yesterday, PayPal announced that users can now transfer their crypto funds outside of their platform. This is a long-awaited feature that will bring the company’s product closer to other popular cryptocurrency services.
A new transfer function cryptos
Last year, PayPal started supporting cryptocurrency transactions. However, receiving and sending cryptocurrency to external wallets or even other PayPal users was impossible. The company is finally beginning to lift this restriction by introducing a new feature.
The press release says: “Starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges.”
Thanks to all of this new feature, PayPal customers can transfer cryptocurrencies from PayPal to external crypto addressesincluding exchanges and hardware wallets. Users can also send crypto to family and friends on PayPal with no fees or network fees.
According to the press release, the new service is is already available for some US users. In fact, it will be rolling out to all eligible US customers in the coming weeks.
In addition, the company revealed that the New York Department of Financial Services granted PayPal a license BitLicense. BitLicense allows companies to do business with virtual currency. According to the company, PayPal was the first to convert a bitlicense conditional on one bitlicense complete.
Read More: Binance plans to collaborate with Malaysian exchanges to drive cryptocurrency adoption.
A summary of the quarterly results of PayPal
In November 2021, the company confirmed in its quarterly results that PayPal was planning to expand its cryptocurrency offering.
Additionally, PayPal’s revenue in the first quarter of 2022 was $6.48 billion. The 8% year-over-year increase was above market expectations. However, he lost 32% of its operating income to $711 million. the company said net income of $509 million and a EPS of $0.43, 53% less. Adjusted earnings per share fell 28% to $0.88.
In addition, the platform has registered solid growth in payment volume from one year to another. From January to March 2022, it processed $323 billion in payments, a 15% increase from 2021. PayPal said rising inflation and the conflict in Ukraine could affect transaction volumes on its platform. In fact, transaction growth has slowed noticeably over the past quarter.
Also read: Central African Republic announces project to tokenize natural resources.