PayPal has enabled a long-desired feature for users: the ability to transfer Bitcoin and Ethereum to external wallets, hardware devices, and exchanges.
PayPal announced on June 7 that users who use the cryptocurrency can now transfer funds from its platform to external wallets, hardware devices, and exchanges. “We are thrilled to announce that starting 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 began offering the purchase of crypto on our platform,” said Jose Fernandez da Ponte, Senior Vice President and General Manager, Blockchain, Crypto & Digital Currencies.
Available now to select U.S. users starting today and rolling out to all eligible U.S. customers in the coming weeks, this new functionality lets PayPal customers:
- Transfer supported coins to 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.
This gives PayPal customers the ability to move their crypto assets (Bitcoin, Ethereum, Bitcoin cash or Litecoin) on, off, and within the platform, reflecting the giant’s ongoing evolution and allowing customers to interact with the broader crypto ecosystem. Adding the ability to transfer, send, and receive cryptocurrencies is another step in its journey to building a more inclusive and effective financial system, the company said. PayPal has said it will continue to roll out additional cryptocurrency features, products, and services in the coming months, but did not reveal any details.
© 2022, Eva Fox | Tesmanian. All rights reserved.
We appreciate your readership! Please share your thoughts in the comment section below.
About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.