PayPal will now allow users to send cryptocurrency to third-party wallets

Nearly two years after opening up its platform to digital currencies, PayPal Holdings Inc said on Tuesday that users would be able to send cryptocurrencies such as bitcoin to external wallets.

The service will be offered to a limited number of US users beginning Tuesday. According to the San Jose, California-based business, it will be pushed out to all qualified US consumers over the next several months.

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In October 2020, PayPal began enabling clients to purchase, trade, and hold bitcoin, Ethereum, bitcoin cash, and litecoin. Previously, though, users could not take their crypto assets outside the site.

According to PayPal, users have been asking for a new function since PayPal allowed the purchase and sale of cryptocurrency. The company’s stock was up 0.3 percent to $87.08.

Since last year, the crypto market has experienced a rise in investor Interest, with huge venture capital firms, celebrities, and blue-chip corporations increasing their crypto holdings.

However, such currencies’ prices have remained volatile, reducing their appeal as an inflation hedge.