paypal introduced a feature long requested by cryptocurrency enthusiasts. Soon it will be possible deposit cryptocurrencies bought on the platform on a external wallet
Since last year, in some countries, PayPal allows you to buy cryptocurrencies and use them to make payments. In this way, the customer can pay – virtually – in crypto at any merchant that accepts PayPal. Trivial, because PayPal only pays the seller in fiat currency (pounds or dollars) and then deducts the equivalent in cryptocurrencies from the customer’s balance. At this time the service operates in the US and in the United Kingdom, while it is not yet present in Italy.
But it’s one thing to be able to pay with a balance converted into cryptocurrencies, another thing is to actually buy the cryptocurrencies through PayPal. The latter inevitably presupposes the possibility of also transferring money to external services, such as a competing exchange or even a wallet.
“It’s a feature that is constantly being requested by users,” reads a note from PayPal. “Since we started offering the opportunity to buy cryptocurrencies, this has always been one of the most common feedbacks.” And so PayPal eventually collapsed.
Currently, US and UK users can only transfer some cryptocurrencies from PayPal to any wallet. The novelty concerns only the Bitcoin and Ethereum
In this way, PayPal becomes much more like Binance or MoonPay: cryptocurrencies can be bought very easily with a credit card and can be transferred just as easily after purchase to a non-custodial wallet
Source: Lega Nerd
