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PayPal will let users transfer certain cryptocurrencies to other customers, exchanges and external wallets, a new service that’s part of the company’s effort to boost usage of its app. The company also said the New York Department of Financial Services granted PayPal a “BitLicense,” which governs businesses working with virtual currencies. PayPal said it was the first company to convert a conditional BitLicense into a full one.
“This is really about access and utility,” Jose Fernandez da Ponte, senior vice president and general manager for PayPal’s blockchain, crypto and digital currencies business, said in an interview. “We are greatly enhancing the utility of moving crypto around.”
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