Paypal has begun letting users transfer cryptocurrencies between its platform and other wallets and exchanges. “This feature has been consistently ranked by users as one of the most requested enhancements since we started offering the purchase of crypto on our platform,” Paypal revealed.
Paypal Now Supports External Wallet Transfers
Payment giant Paypal ultimately allows users to transfer cryptocurrencies in and out of its platform. The company announced Tuesday:
We are pleased to announce that as of today, Paypal supports the native transfer of cryptocurrencies between Paypal and other wallets and exchanges.
“This feature has been consistently ranked by users as one of the most requested enhancements since we started offering the purchase of crypto on our platform,” the announcement adds.
The new feature is now available to select U.S. users, Paypal said, adding that it will be launched to all eligible U.S. users in the coming weeks.
Users can transfer supported cryptocurrencies to Paypal and move crypto away from the platform “to external cryptocurrencies including exchanges and device wallets.” They can also send their coins to their family and friends via Paypal “with no fees or online charges to send or receive,” the company detailed.
Paypal currently supports four cryptocurrencies: bitcoin (BTC), ethereal (ETH), bitcoin cash (BCH), and litecoin (LTC).
Paypal customers can also use their cryptocurrencies to pay for goods and services at millions of merchants using Checkout with Crypto, a service launched in March last year.
Paypal Granted Full Bit License
Paypal also announced Tuesday that it has received a full Bit license from the New York Department of Financial Services (NYDFS).
The company became the first to obtain a conditional Bit license 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 CEO Dan Schulman at the time.
The company said Tuesday that it has become the “first company to convert a conditional Bit license into a full Bit license.”
What do you think about Paypal, which allows users to transfer cryptocurrencies to and from its platform? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Michael Vi
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