Market Analysis Report (08 Jun 2022)

PayPal is now letting cryptocurrency holders on its platform transfer their digital assets to external cryptocurrency wallets and exchanges.

The feature was the most requested one the fintech giant saw ever since it started letting users buy, sell and hold crypto in October 2020. On its platform users have access to Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

The ability to move cryptoassets off  PayPal is rolling out to some U.S. users for now, and will roll out to all eligible customers in the country in the coming weeks.

The move towards more open systems and away from closed custodial platforms is part of a trend being followed by other large fintech players who have entered the cryptocurrency space, including the popular commission-free trading platform Robinhood.

It’s notable PayPal isn’t backing off its ambitious crypto plans even amid a plunge in the company’s share price and a cryptocurrency bear market exacerbated by Terra’s fall from grace.