PayPal said on Tuesday it will now allow users to transfer cryptocurrencies to external wallets. This feature comes nearly two years after the fintech giant opened up its platform to digital currencies. Users had been requesting this feature since the company permitted buying and selling of crypto on their platform.
It was announced that this feature will be available to select U.S. users starting on Tuesday and will be rolled out to all eligible U.S. customers in the coming months. This is a huge step in legitimizing Paypal as a crypto exchange. Robinhood has also started to roll out this feature to users. I have never bought any real amount of crypto on Paypal, but I did buy $10 when the purchasing of crypto was enabled to try out their system. It was frustrating that we were not allowed to move crypto holdings off its platform and that along with the spreads is why I choose to purchase elsewhere.
Since last year, the crypto market has seen a surge in investor interest. However, the prices have remained volatile, projects have collapsed and we are in what many call crypto winter. I'm reassured that even in such an environment companies are still moving forward with creating a better user interface and legitimizing their platforms.