PayPal has expanded its cryptocurrency offering by allowing users to move Bitcoin and other supported digital coins (Ethereum, Bitcoin Cash, or Litecoin) to other wallets and exchanges.
Since when PayPal first launched the ability for users to buy, hold and sell cryptocurrencies, one of the most frequent requests from users has been to also receive and transfer cryptocurrencies natively.
Available today to select US users, and rolling out to all eligible US customers in the coming week, the new functionality enables PayPal customers to:
- Transfer supported coins into PayPal.
- Move crypto from PayPal to external crypto addresses including exchanges and hardware wallets.
- Send crypto to family and friends on PayPal in seconds, with no fees or network charges to send or receive.
“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.”Jose Fernandez da Ponte, Senior Vice President and General Manager, Blockchain, Crypto & Digital Currencies
“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,” added da Ponte.
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.
The company didn’t say if this new option will be available soon to Venmo users, but typically the company has implemented new features across both payment platforms in short time.
Also, there is no word on when this may become available to international users.
How to Move Crypto on PayPal
For more information on how PayPal users can move cryptocurrencies natively click here to read the blog post announcing this new functionality.
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