PayPal is a secure online payment system that allows users to send and receive money securely. By linking your bank account, credit card or debit card to your PayPal account, you can use PayPal to make purchases online with participating stores. Musk co-founded online bank X.com merged with Confinity in 2000 to form PayPal. The company was bought by eBay in 2002 for $1.5 billion.
PayPal introduced a feature last year that allowed customers to fund purchases with cryptocurrency, and now it’s offering them more features to move their crypto. It offers expanded capabilities due to receiving a full “Bitlicense” from the New York Department of Financial Services (NYDFS).
This week, PayPal announced, “We are excited to announce that PayPal now supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges.”. Our users have consistently requested this feature since we began offering crypto purchases on our platform.”.
PayPal received a provisional Bitlicense from New York in the fall of 2020, at which time PayPal began allowing users to buy, hold, and sell select cryptocurrencies inside its digital wallet, stating at the time that it was doing so to “increase consumer understanding and adoption of cryptocurrencies.” Early the following year, PayPal began allowing customers to check out with crypto seamlessly within PayPal through the launch of Checkout with Crypto.
According to Coindesk, PayPal was among the companies that had jumped on the Facebook Libra initiative bandwagon in 2019 only to quickly pull out after regulators pushed back, fearing it would destabilize the global monetary order. PayPal said in this week’s announcement that it will continue to roll out additional crypto features, products, and services in the coming months despite its inherent risks.