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PayPal Adds New Feature to Facilitate Crypto Transactions

PayPal adds a new feature by which customers can transfer crypto to external wallets. Users can now transfer crypto from their accounts to other wallets.

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Users can now Transfer Crypto to Other Wallets on PayPal

Investors could buy, hold and sell crypto on PayPal. Now, the platform has added new features to allow users to transfer crypto to other wallets. Users can transfer their digital assets into PayPal wallets and other crypto wallets too.

Earlier, users could purchase cryptocurrencies from the PayPal platform. But now, users can transfer crypto to other wallets and to other PayPal wallets too. PayPal has added a new feature to allow users in the US to move crypto from its app to other crypto addresses within seconds.

Transfer of cryptocurrencies from PayPal to other wallets and exchanges is one of the most requested enhancements from users, says Jose Fernandez da Ponte, the Senior Vice President of PayPal. It will  make online transactions easier, says Fernandez.

The platform has made a start by allowing customers holding prominent cryptos like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash to transfer their digital assets to PayPal or other external wallets. They can also transfer crypto from external addresses.  The new facility is available only to users in the US and only after completing the identity verification process.

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No Fees for Transfer of Crypto on PayPal

PayPal crypto owners who transfer crypto to other PayPal users can make the transfer free of charge. But while transferring to external wallets, users have to pay a network fee. It is a long-awaited feature by users. The new feature will be available to users in the US, says the company.

“PayPal is excited to announce the transfer of cryptocurrencies between wallets and exchange”, announced the company on Twitter. There are millions of people across the world using PayPal. It is a payment platform that allows the transfer of money across the globe.

PayPal is the owner of the Venmo app too. PayPal SVP, Jose Fernandez da Ponte expects more business transactions to move to digital currencies. As crypto transfers play a major role in commercial and business purposes, the company is not charging an extra fee for transfer payments.

In 2020, PayPal allowed its customers to buy, hold and sell crypto. In 2021, PayPal added another feature to facilitate customers to conduct online businesses with crypto. Now, PayPal has added another feather to its cap by allowing users the ability to transfer crypto.

Global Crypto Market Capital

Bitcoin is down almost 50% from its November 2021 highs. The fall in BTC prices has led to a major crash in the crypto market. Cryptocoins like Terra and TerraUSD saw a massive decline in prices. It caused panic among new users who had entered the crypto market recently. Bitcoin and Ethereum, the top two cryptocurrencies in the crypto market, declined sharply, leading to weak sentiment in the crypto space.

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The overall crypto market cap declined almost 43% recently. The crypto market cap is at $1.25 trillion. BTC Dominance is at 46.44% as of June 9, 2022, and ETH Dominance is at 17.56%. The 24-hour volume is at $63.34 billion, according to coinmarketcap.

Bitcoin has strong resistance at $32,000. BTC could not cross the resistance at $31,700, though it reached these levels many times over the past few weeks. Crypto regulations by the Fed are weighing down on investor sentiment. On the downside, BTC has support at $28,500 and resistance at $31,500, and $31,670 on the upside.

Ethereum trades at $1,790 during trading hours on Thursday, June 9, 2022. It faces stiff resistance at $1,971 and support at $1,710.

Bitcoin and Ethereum are the top cryptocurrencies that lead the crypto market. The crypto market trends along with changes in BTC and ETH price patterns.  55% of investors in Bitcoin say they started their journey into digital currencies in 2021. Bitcoin is less volatile than other cryptos, and investors are drawn by the BTC movement in the crypto market.

Inflation Hits Crypto Market

High inflation has hit global countries, especially in the US, the UK, and the Eurozone. The crypto market has been highly erratic as investors are moving away from digital assets as they find price instability in leading crypto prices. Few firms accept crypto payments leading to a flow of money from the crypto sector.

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The crypto market surged with new users during the Covid pandemic. Celebrities, investors, and leading companies started to invest in crypto. But the high volatility in price movement has made users lose most of their investments. It is best to invest only what you can afford to lose, say experts in the crypto sector. Investors are liable to lose hard-earned money while trading on their digital assets. It is a risk that investors face on trading the crypto market.

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