PayPal Introduces Feature to Allow Users Run Crypto Transactions to Other Platforms

Updated:

Adhering to the calls of many of its customers, online payments solution giant PayPal now allows users to transfer cryptocurrencies from their accounts to other wallets or digital exchanges. The company announced on Tuesday:

“We are thrilled to announce that starting today, Paypal supports the native transfer of cryptocurrencies between Paypal and other wallets and exchanges.”

The company added in its official announcement: “This feature has been consistently ranked by users as one of the most requested enhancements since we began offering the purchase of crypto on our platform.”

The payment giant announced that the feature is only available to a select few US users, adding that other eligible US users will gain access to the latest addition in the coming weeks.

Eligible users can transfer supported crypto tokens to their PayPal account and move them from the platform “to external crypto addresses including exchanges and hardware wallets.” The announcement also detailed that they could send tokens to their family and friends on the platform“with no fees or network charges to send or receive.”

In the meantime, PayPal only supports a handful of digital assets, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).

Asides from transferring crypto out of the platform, users can also pay for goods or services in any of the millions of PayPal-supported merchants using ‘Checkout with Crypto,’ a service launched in March 2021.

PayPal Becomes First Company to Secure Full Bitlicense

The announcement added that the payments giant now has full Bitlicense coverage granted by the New York Department of Financial Services (NYDFS). The American e-commerce company was the first to obtain a conditional Bitlicense in October 2020. At the time, PayPal CEO Dan Schulman said: “We are proud to become the first company to receive a conditional virtual currency license from the New York State Department of Financial Services.”

The company became the “first company to convert a conditional Bitlicense into a full Bitlicense.”

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.