PayPal has announced that starting from today it will begin to support the native transfer of cryptocurrencies between PayPal and other wallets and exchanges.
According to Jose Fernandez da Ponte, Senior Vice President and General Manager, Blockchain, Crypto & Digital Currencies, the feature has been consistently ranked by users as one of the most requested enhancements since the company began offering the purchase of crypto on our platform.
Available now to select U.S. users starting today and rolling out to all eligible U.S. customers in the coming weeks, this new functionality lets PayPal customers transfer supported coins into PayPal, move crypto from PayPal to external crypto addresses including exchanges and hardware wallets and send crypto to family and friends on PayPal in seconds, with no fees or network charges to send or receive.
Da Ponte said, “allowing PayPal customers the flexibility to move their crypto assets (Bitcoin, Ethereum, Bitcoin Cash, or Litecoin) into, outside of, and within our PayPal platform reflects the continuing evolution of our best-in-class platform and enables customers to interact with the broader crypto ecosystem. Customers who transfer their crypto into PayPal can extend the utility of their crypto by spending using our Checkout with Crypto product at millions of merchants.”
PayPal has also been granted a full Bitlicense by the New York Department of Financial Services (NYDFS) – becoming the first company to convert a conditional Bitlicense into a full Bitlicense – signaling PayPal’s commitment to responsible innovation and expanding the accessibility and utility of digital currencies while fully complying with regulatory guidelines and best practices. Adding the ability to transfer, send, and receive cryptocurrencies is another step in the company’s journey to building a more inclusive and effective financial system.
“We’re excited to connect PayPal’s customers to other wallets, exchanges, and applications, and we will continue to roll out additional crypto features, products, and services in the months ahead. We look forward to hearing more customer and community feedback as we enhance our digital currency capabilities,” Da Ponte concluded.
