PayPal Holdings Inc (NASDAQ:PYPL) said it launched new crypto services to allow users transfer digital currencies from its own platform to other wallets due to increased demand.
People can send supported coins – Bitcoin, Ethereum, Bitcoin Cash and Litecoin – to other PayPal users and external addresses, including hard wallets and those linked to alternative exchange accounts.
Jose da Ponte, senior vice president and general manager of blockchain, crypto and digital currencies at PayPal, said: “Adding the ability to transfer, send and receive cryptocurrencies is another step in our journey to building a more inclusive and effective financial system.
“We’re excited to connect PayPal’s customers to other wallets, exchanges and applications, and we will continue to roll out additional crypto features, products and services in the months ahead.”
The payments firm’s move echoed that of Revolut and Neobank in the last year.
PayPal also confirmed the New York Department of Financial Services granted it a full BitLicense.
In January, it revealed it is exploring the development of a stablecoin pegged to the US dollar.