PayPal stock price falls below "2020 global market meltdown" low, launches cryptocurrency withdrawal service against the market trend

PayPal initially launched its cryptocurrency trading feature in October 2020, and the subsequent release of the super wallet still restricts cryptocurrency withdrawals. Finally, it is now open to U.S. users, currently supporting BTC, ETH, BCH, and LTC. PayPal's progress with stablecoins, which it explored earlier this year, is also of interest.

No Withdrawal Fees

According to a PayPal announcement, verified U.S. users, excluding those in Hawaii, can now transfer cryptocurrency to external addresses, including exchanges and hardware wallets, without incurring any fees, but they will need to cover the on-chain transaction fees.

This service is also provided by the fintech bank Revolut, which announced last year. Revolut plans to launch its native token, Revcoin, and introduce a Revolut non-custodial wallet on Ethereum. Revcoin will serve as "tradeable" loyalty reward points for users.

BitLicense

PayPal also mentioned that it has obtained the BitLicense issued by the New York State Department of Financial Services (NYDFS) for licensing cryptocurrency-related business activities. Below is a preview video released by PayPal on 6/8.

PayPal (PYPL) reached a historic high of $310 in July last year but has since experienced a sharp decline, falling below the global market meltdown in March 2020 and the low point of Black Monday on 3/16, dropping to $88 before the deadline.