PayPal Holdings Inc (PYPL.O) said on Tuesday that customers would be able to move cryptocurrencies such as bitcoin to external wallets, almost two years after the fintech giant first allowed digital currencies on its platform.

The service will be offered to select US users beginning Tuesday and will be pushed out to all qualified US consumers over the next several months, according to the San Jose, California-based startup.

In October 2020, PayPal began enabling clients to purchase, trade, and hold bitcoin, ethereum, bitcoin cash, and litecoin. However, customers were previously barred from moving cryptocurrency assets outside the site.

Users have been asking the new functionality since the business allowed crypto buying and trading, according to PayPal. The company’s stock was up 0.3 percent at $87.08.

Since last year, the crypto sector has experienced an increase in investor interest, with prominent venture capitalists, celebrities, and blue-chip corporations increasing their crypto stakes. However, the values of such currencies have remained erratic, reducing their attractiveness as an inflation hedge.

Source: Reuters


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