PayPal will allow transfers of received cryptocurrencies to other accounts

PayPal's latest statement announced that users can now transfer their cryptocurrencies to external crypto wallets or cryptocurrency exchange accounts. PayPal's new service that allows crypto asset transfers has been launched as of today. The statement stated that the service will be offered to US residents in the coming days. PayPal stepped into the crypto sector in 2020 PayPal had offered its first crypto offering in the last quarter of 2020. The company initially offered the purchase and sale of 4 main cryptocurrencies, Bitcoin, Ethereum, Bitcoin Cash and Litecoin, and their account holding service. However, until now, users could not transfer these crypto assets to external crypto accounts or hardware wallets. On the other hand, PayPal manager Fernandez da Ponte, who emphasized that no fee is charged for crypto transactions, said that they do not work like an exchange and that their plans for crypto are related to trade. PayPal has plans to expand in the cryptocurrency industry PayPal Blockchain and Crypto Senior Vice President Jose Fernandez da Ponte stated that their presence in the cryptocurrency sector is related to their belief that a large part of the trade will shift to cryptocurrencies in the near future. Fernandez da Ponte, while also evaluating the downward trend of cryptocurrency markets, said that it is necessary to look at the market in the long term and added that they do not see a deterioration in crypto adoption. Fernandez da Ponte, who also stated that they have growth plans in the cryptocurrency industry, said that PayPal is open to supporting stable cryptocurrencies and possible central bank digital currencies in more countries. He emphasized that digital cryptocurrencies in this form are compatible with the company's business model.