PayPal revealed its plans to start supporting native transfers of crypto assets between it and other wallets and exchanges. The major payment services platform is furthering its reach into the crypto industry.
With these new service customers of PayPal will be able to move crypto from the wallet to crypto addresses which include crypto exchanges and other wallets. The clients are also enabled to send crypto to other people directly through the PayPal platform. The payment provider revealed that these transactions will cost no service fees or other commissions.
The official press release stated that the services will be available, currently, only to a select US-based customers, while in the near future the audience, as per the report, is said to grow.
PayPal hinted at future plans for “additional crypto features, products and services”. For now, the payments provider is glad to be getting customer feedback and appreciates these as they help it grow its multiple projects, including current and future crypto endeavors.
PayPal has had a good year all-around, with the first three months of 2022 seeing a total of $323 billion worth of processed payments, a 15% increase form last year. However, due to current turmoil in Europe the company said that the resulting inflation boom has the potential of hurting future business.