PayPal is one of the largest digital payments platforms in the world. The digital payments network has joined the likes of VISA and MasterCard in integrating cryptocurrency services into their platform. The executive of PayPal recently told the media that the company is focusing on its long-term goals. On the other hand, recently, PayPal has introduced a series of new features surrounding cryptocurrencies.
Keeping in line with the increasing demand among consumers, PayPal has introduced a highly anticipated feature. The new feature will allow the users to connect their PayPal account with several other cryptocurrency wallets. With this new option, the users will be able to send and receive their digital currencies from several cryptocurrency wallets and exchange networks.
Jose Fernandez da Ponte is the General Manager and SVP of the blockchain and crypto wing at PayPal. Speaking to the media, he explained that since the platform has enabled crypto payments option, the demand among consumers for better crypto integration has increased. With the new feature, the consumers will be able to send and receive accredited tokens across several applications.
With the additional functionality of extra connectivity, PayPal users will have the means to ensure that they don’t need to waste their time and money on third-party applications. As a result, the consumers will be able to save up on transaction fees and hassle. It is worth noting that all transfers between PayPal to PayPal are free of cost.
Benefits of PayPal’s New Crypto Features
As pointed out by Fernandez De Ponte, users can also choose to link their PayPal crypto accounts with a hardware wallet. Last year, PayPal introduced its feature for crypto checkout, which was well-received among its user base. Furthermore, PayPal also partnered with Paxos to enable crypto trading services on its platform.
On the other hand, PayPal acquired a cryptocurrency startup called Curv that suggested that it ensures a higher security protocol. Speaking to journalists at TechCrunch, De Ponte claimed that PayPal has plans to build more features around Web3 and traditional finance integration to keep up with the rapidly changing fintech infrastructure.