Payments company PayPal Holdings Inc (NASDAQ: PYPL) has converted its conditional virtual currency license into a full-fledged “BitLicense.”

What Happened: According to a report from CoinDesk on Wednesday, PayPal has been awarded an official virtual currency license from the New York Department of Financial Services (NYDFS).

PayPal is one of the 20 recipients to receive the official license which allows businesses to have well-regulated access to the New York marketplace through partnerships and licensed firms.

Related Link: EXCLUSIVE: New York Bitcoin Bill Is Illogical, Plays Politics With Bitcoin Mining, Marathon Digital CEO Says

"The NYDFS’ leadership has been critical in enabling PayPal to continue to responsibly provide greater inclusion and access to our customers," said PayPal SVP of Regulatory and Customer Compliance Andrea Donkor to CoinDesk.

Earlier today, the payments firm announced it would allow users to transfer their Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and other cryptocurrency holdings to off-chain external wallets.

PayPal first enabled cryptocurrency purchases on its platform in October 2020 and has since been actively integrating more options to make crypto more accessible to its user base.

See Also: HOW TO BUY BITCOIN WITH PAYPAL

The company let users buy crypto for as little as $1 and raised its purchase limit to $100,000 per week. It also partnered with Coinbase Global Inc (NASDAQ: COIN) to enable debit card cryptocurrency purchases on the exchange with PayPal-linked bank accounts.

Price Action: According to data from Benzinga Pro, Bitcoin was trading at $30,319, up 2.73% over the last 24 hours.