The long-awaited feature allows users to send Bitcoin from PayPal to third-party exchanges and wallets for the first time.
- A select group of U.S. customers will be able to test the new feature first.
- PayPal’s crypto vice president said it was the most anticipated improvement for users.
- PayPal is working to expand its cryptocurrency services.
The digital digital technologies are these electronic tools that have the ability to generate, store or even process data. payments giant PayPal is adding a long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. awaited feature that allows users of the platform a place to buy, sell and store cryptocurrency to transfer their bitcoins to external wallets.
PayPal announced the integration of the new functionality this Tuesday in a press release . Starting today, a select group of users in the United States will be able to freely move the supported digital currencies, namely, Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. , Ethereum a decentralized open-source blockchain with smart contracts functionality. , Bitcoin Cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. y Litecoin on and off the payments platform, the firm said.
In particular, the feature offers for the first time to the customers of PayPal the ability to send cryptocurrencies to external addresses, including to exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. platforms and wallets hardware . In addition, they will be able to send any of the supported digital assets to family and friends within the app. in seconds, with no network a network refers to all nodes in the operation of a blockchain at any given moment in time. fees or charges “said the company.
New feature is the most requested
El senior vice president and general manager of Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. cryptocurrencies and digital currencies of PayPal , Jose Fernandez da Ponte, noted that the feature was one of the most requested since the company began offering cryptocurrency services in 2020. Since then, the platform has offered the option a contract giving the buyer the right, but not the obligation, to buy or sell an underlying asset or instrument at a specified strike price. to buy, sell and hold four digital assets, although, until now, it only allowed those cryptocurrencies to be transferred to other users within the app.
The latest move appears to be part of an effort to PayPal to expand its service offerings with cryptocurrencies, something da Ponte pointed to in the statement. ” Adding the ability to transfer, send and receive cryptocurrencies is another step in our journey to build a more inclusive and effective financial system. “commented the general manager, adding:
We’re excited to connect PayPal customers with other wallets, exchanges and applications, and will continue to roll out additional cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. features, products and services in the coming months.
While the new enhancement will be available to select U.S. users (excluding Hawaii), the company said it will be rolled out to all U.S. customers in the coming weeks, but did not provide a specific timeline. The firm also did not indicate if or when the feature will be available for other jurisdictions.
PayPal continues to move into crypto
Additionally, PayPal announced in Tuesday’s communiqué the obtaining of a license BitLicense a business license permitting regulated virtual currency activities, issued by the New York State Department of Financial Services. The company, which previously had a conditional version of that license, said the move was indicative of its “…commitment to the company. The company, which previously held a conditional version of that license, said the move was an indicator of its “compromiso con la innovación responsable“.
As you remember CoinDesk the vice president of cryptocurrencies at PayPal ya había revelado el año pasado que los planes para permitir a los usuarios mover sus monedas a billeteras de terceros estaban en proceso. “ We are definitely responding to user demand, that’s one aspect. “said da Ponte during the event Consensus consensus is achieved when all participants of the network agree on the order and content of the blocks in the blockchain. 2021.
Most recently, in April, the executive director of PayPal Dan Schulman, said on a quarterly earnings call that the company ” would redouble “ efforts to grow its digital wallet. Following this expansion, the company has also unveiled its interest in developing its own US dollar-backed digital currency.
Trading apps have had to respond to customer demand for more autonomy when it comes to their cryptocurrency funds. The popular trading app, Robinhood also recently started allowing the sending of bitcoins outside the platform. Similar to PayPal that firm has also announced efforts to expand into the crypto sector.
Article by Hannah Estefania Perez / DiarioBitcoin
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