PayPal has started letting users transfer cryptocurrencies between its platform and other wallets and exchanges. “Ever since we began offering the purchase of crypto on our platform, this feature has been ranked as one of the most requested enhancements by users,” PayPal revealed.
PayPal now supports external wallet transfers
Payments giant Paypal is finally allowing users to transfer cryptocurrencies in and out of its platform. The company announced on Tuesday:
We are pleased to announce that starting today, PayPal supports native transfer of cryptocurrencies between PayPal and other wallets and exchanges.
“Ever since we began offering cryptocurrency purchases on our platform, this feature has been ranked as one of the most requested enhancements by users,” the announcement said.
The new feature is available now for select US users, PayPal said, adding that it will be rolled out to all eligible US users in the coming weeks.
Users can transfer supported cryptocurrencies to PayPal and crypto from the platform “to external crypto addresses including exchanges and hardware wallets”. They can send their coins to their family and friends on PayPal “at no charge or network fees to send or receive them,” the company explained.
Currently, PayPal supports four cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
Paypal customers can also use their cryptocurrencies to pay for goods and services to millions of merchants using Checkout with Crypto, a service launched in March last year.
Paypal granted full bitlicense
PayPal also announced on Tuesday that it has been granted a full BitLicense by the New York Department of Financial Services (NYDFS).
The company became the first to receive a conditional BitLicense in October 2020. “We are proud to be the first company to receive a conditional virtual currency license from the New York State Department of Financial Services,” said Dan Schulman, CEO at the time.
The company said on Tuesday that it “became the first to convert a conditional bitlicense to a full bitlicense.”
What do you think about PayPal allowing users to transfer cryptocurrencies from its platform? Let us know in the comments section below.
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