Paypal allows you to send cryptocurrencies from your platform to other exchanges or wallets. “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,” Paypal revealed.
Paypal now supports external Wallet Transfers
Paypal, the payment giant, finally makes it possible to send cryptocurrencies into and out of its platform. This was made public Tuesday.
We’re thrilled to share that Paypal now supports native cryptocurrency transfers between Paypal wallets or exchanges.
“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 announcement adds.
Paypal announced that this new feature will now be available to selected U.S. users. It also stated that it will soon be available to all U.S. citizens who are eligible.
Users can transfer supported cryptocurrencies to Paypal and move crypto away from the platform “to external crypto addresses including exchanges and hardware wallets.” They can also send their coins to their family and friends on Paypal “with no fees or network charges to send or receive,” the company detailed.
Paypal currently supports the following cryptocurrencies: bitcoin, ethereum and bitcoin cash.
PayPal customers have the option to use their cryptocurrency to buy goods or services from millions of merchants through Checkout with Crypto. The service was introduced in March 2013.
Fully Bitlicense granted by Paypal
On Tuesday, Paypal announced that it was granted a complete Bitlicense from the New York Department of Financial Services.
In October 2020, the company was granted a conditional Bitlicense. “We are proud to become the first company to receive a conditional virtual currency license from the New York State Department of Financial Services,” CEO Dan Schulman said at the time.
The company said Tuesday that it has become the “first company to convert a conditional Bitlicense into a full Bitlicense.”
How do you feel about Paypal’s ability to allow users to send cryptocurrencies to its platform? Comment below.
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