PayPal Holdings Inc has gone ahead with a long-anticipated move enabling users to transfer their cryptocurrencies to external wallets.
This will apply to all supported cryptocurrencies, including Bitcoin (BTC). PayPal began support for cryptocurrency in late 2020 but had not committed to a date when people would be allowed to use their cryptocurrencies as part of their own wallets.
This is happening right now, with the California-based company happy to grant its users further economic freedom.
The measure will apply to BTC, Ethereum, Bitcoin Cash and Litecoin. This will come as good news to consumers who have been pushing for this to happen for a long time now. Of course, the cryptocurrency market has changed dramatically over the past months.
While a slump in overall prices was long coming, the crash of the USD Terra and Luna token really sent the market into the doldrums, with Coinbase acknowledging that a crypto winter has started.
To this day, cryptocurrencies remain volatile, but PayPal’s short statement finally enables consumers to do with their crypto holdings as they please. Still, PayPal has been able to demonstrate resilience.
There has been no immediate news of users hurrying to cash out their cryptocurrencies. PayPal is also reputable when it comes to overall security, making it a much better place to store your funds than some of the existing cryptocurrency exchanges out there.