A long-awaited feature that allows users to transmit cryptocurrency to other addresses has been added. PayPal now supports native cryptocurrency transfers between PayPal and other wallets and exchanges. Since PayPal started selling cryptocurrency on platform, users have regularly rated this functionality as one of the most desired features.
Now, you will be able to easily send cryptocurrency to relatives and friends through PayPal in seconds, with no fees or network expenses.
Allowing PayPal users to move their crypto assets (Bitcoin, Ethereum, Bitcoin Cash, or Litecoin) into, out of, and within the PayPal platform reflects the best-in-class platform’s ongoing innovation and allows consumers to interact with the larger crypto ecosystem. Customers who deposit cryptocurrency into PayPal can use Checkout with Crypto offering to spend it at millions of merchants, extending the utility of their cryptocurrency.
The New York Department of Financial Services (NYDFS) has also granted PayPal a full Bitlicense, making it the first company to convert a conditional Bitlicense to a full Bitlicense, demonstrating a commitment to responsible innovation and expanding the accessibility and utility of digital currencies while adhering to regulatory guidelines and best practices. Adding the capacity to transmit, receive, and move cryptocurrency is another step toward a more accessible and productive financial system.
While cryptocurrencies have recently experienced some turbulence, PayPal is moving in this direction “because people are still adopting them”.
As of today, PayPal’s new functionality is available only to U.S. users, and to ensure the safety of users, it has implemented a new identity verification process before users can transmit any crypto.