Seeking Alpha
2022-06-07 16:25:47

PayPal lets users send and receive bitcoin, ether, litecoin, bitcoin cash

PayPal Holdings (NASDAQ:PYPL) stock rebounds into the green after the payment technology company announced that users can transfer cryptocurrencies between PayPal and other wallets and exchanges. The news comes after the company received a full Bitlicense from the New York Department of Financial Services, making it the first company to convert a conditional Bitlicense into a full Bitlicense, the company said. Starting Tuesday, select U.S. users can move their bitcoin (BTC-USD), ethereum (ETH-USD), bitcoin cash (BCH-USD), or litecoin (LTC-USD) "into, outside of, and within our PayPal platform," said Jose Fernandez da Ponte, PayPal's (PYPL) senior vice president and general manager of Blockchain, Crypto & Digital Currencies. The feature will be rolled out to all eligible U.S. customers in coming weeks, it said. PayPal (PYPL) stock is rising 0.2%, after spending Tuesday morning in the red. Robinhood (HOOD) rolled out its crytpo wallet to 10K customers in January.

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