Cryptocurrency has become an absolutely massive market in today’s investing communities with Bitcoin still valued in the tens of thousands and currencies like Dogecoin also seeing spikes of popularity from time to time. The market may still be volatile, but more companies are catering to it anyways and PayPal is the latest among the bunch to get in on the action. Following a major update, PayPal can now be used to transfer, receive, and send cryptocurrency between other crypto wallets and exchanges.
The PayPal company announced this major update in a press release on June 8, 2022. According to the release, as of now, users can now use PayPal to engage in cryptocurrency transactions, allowing the platform to communicate with various crypto wallets and services such as Coinbase, Metamask, WalletConnect, and more.
“Allowing PayPal customers the flexibility to move their crypto assets (Bitcoin, Ethereum, Bitcoin Cash, or Litecoin) into, outside of, and within our PayPal platform reflects the continuing evolution of our best-in-class platform and enables customers to interact with the broader crypto ecosystem,” wrote PayPal Senior Vice President and General Manager of Blockchain, Crypto & Digital Currencies Jose Fernandez da Ponte.
PayPal’s move into the cryptocurrency market could have been expected as many different companies aim to take advantage of the continually trending and volatile market. Even GameStop has been prepping to launch an NFT marketplace, as well as a crypto wallet and branding to go along with it. As one of the foremost online money transfer platforms in the world, PayPal most certainly has a vested interest in allowing users to transfer crypto via its platform.
With this major move to allow cryptocurrency into its ecosystem, PayPal becomes a late comer to the crypto market and ecosystem. Stay tuned as we continue to cover further PayPal and cryptocurrency news and updates.