PayPal’s interest in cryptocurrency has been proven by the addition of additional payment transfer possibilities.
As the shares of PayPal (NASDAQ:PYPL) concludes a strong day in the market, Wall Street is buzzing with cryptocurrency news. The shares of PYPL rose 2% after the company added bitcoin capabilities to its money transfer platform.
PayPal said today that customers would be able to transmit some crypto payments to third-party wallets. Jose Fernandez da Ponte, Senior Vice President and General Manager, issued the following statement:
“We’re excited to announce that PayPal now allows native cryptocurrency transfers between PayPal and other wallets and exchanges.” Since we started allowing crypto purchases on our site, consumers have regularly placed this functionality as one of the most desired features.”
Customers in the United States who are qualified will be able to transfer supported cryptos into PayPal starting June 7. They will also be able to transfer crypto to relatives and friends on PayPal in seconds, with no fees or network costs to send or receive, as well as move crypto from PayPal to external addresses “including exchanges and hardware wallets.”
This move also enables PayPal consumers to utilize cryptocurrency with the platform’s “millions of merchants.” The shift has a number of ramifications in light of the growing usage of cryptos throughout the globe.
PayPal Crypto News Drives PYPL Stock in a Cold Crypto Year
Given the status of crypto recently, PayPal’s modest increases today are surprising. Most major cryptocurrencies, such as Bitcoin (BTC-USD) and Ethereum (ETH-USD), are down significantly this year. Year-to-date, BTC is down around 34%. (YTD). Similar reductions have been recorded in crypto-related companies including Coinbase (NASDAQ:COIN).
PayPal’s stock has been in the red this year, with PYPL shares down roughly 53% year to date. The payment provider is expected to be another casualty of a tough tech stock trading environment, which, given the prevailing crypto bearishness, portrays an unfavorable picture for the firm.
Nonetheless, the corporation has recently shown a growing interest in cryptocurrency, which some investors originally thought might be used as a hedge against inflation. PayPal was the first corporation to upgrade its conditional Bitlicense from the New York Department of Financial Services to a full Bitlicense. The firm is expressing its “commitment to responsible innovation and improving the accessibility and usefulness of digital currencies while fully complying with regulatory rules and best practices,” according to the corporation.