PayPal users can now send, receive, transfer crypto to other wallets and Exchanges
PayPal’s Senior VP of Blockchain, Crypto & Digital Currencies, Jose Fernandez da Ponte announced that users can now transfer selected crypto assets between PayPal and other wallets/exchanges. This is the most requested feature by the platform users, since PayPal allowed crypto buy, sell and hold service in October 2020.
According to the official Press Release, this new functionality is available to select US users from June 7. It will be rolled out to all eligible US users in the coming weeks. The functionality is as of now limited to few selected crypto assets namely Bitcoin, Ethereum, Bitcoin Cash & Litecoin.
This new feature, which allows movement of crypto inside & outside of PayPal platform, would help enable customers to evolve with the developing crypto ecosystem. This is in trend with the move towards an open and flexible platform which is the demand of current times.
The plans for users to move their crypto to third party wallets were in pipeline since 2021 as hinted by the VP of Blockchain & crypto, Jose Fernandez. He also clarified in an interview that PayPal is responding to the demand of users in respect to crypto transfer. Weve also been very vocal from the beginning that were in this because we are a payments and commerce company, and we think that our role in the ecosystem is about increasing access.
The new functionality would allow PayPal customers to transfer supported coins into their accounts, move crypto to external addresses. Customers can also send crypto to family or friends on PayPal with no fees or network charges.
PayPal’s BitLicense & Expansion Plans
PayPal also became the first company to convert a conditional BitLicense into a full BitLicense, according to the press release. It has been recently granted a full BitLicense by New York Department of Financial Services (NYDFS).
Their aim is to provide better access & expansion of digital assets while fully complying with regulatory guidelines and best practices. The ability to send, receive, transfer crypto to third party would help in building a more inclusive & effective financial system. They will roll out additional features in the coming months to provide enhanced digital currency capabilities.
PayPal is also in works to introduce a US Dollar pegged Stablecoin, PayPal Coin. The firm has also acquired a crypto security firm, Curv, last year. The acquisition is to help accelerate and expand PayPal’s initiative to support digital currencies.
Jose Fernandez da Ponte said, We want people on our platform acquiring digital currencies to be able to then use them to do something, whether its buying NFTs or interacting with games or other things, and stablecoins are a component of that and really important for the commerce and payments aspect to grow.
