Financial technology firm PayPal (PYPL) has begun letting users transfer cryptocurrencies between its platform and other wallets and digital exchanges.
“This feature has been consistently ranked by users as one of the most requested enhancements since we began offering the purchase of crypto on our platform,” the San Jose, California-based company said in a news release announcing the expansion of its cryptocurrency services.
The new feature is now available to a limited number of people in the U.S., PayPal said, adding that it will be rolled out to all eligible U.S. users in the coming weeks.
People will be able to transfer supported cryptocurrencies to PayPal and move cryptocurrency away from the platform “to external crypto addresses including exchanges and hardware wallets,” the company said.
Users can also send digital coins and tokens to their family and friends on PayPal without incurring any fees or network charges.
PayPal’s stock has declined 55% this year to currently trade at $87.51 U.S. a share.
Currently, PayPal supports four cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
PayPal customers can also use their cryptocurrencies to pay for goods and services at millions of merchants using “Checkout with Crypto,” a service launched in March 2021.
