PayPal users now allowed to transfer cryptocurrencies to external wallets
PayPal stated today that, in response to consumer demand, its customers will now be able to move bitcoin from their accounts to other wallets and exchanges.
“This feature was the most demanded from our users since we began offering the purchase of crypto on our platform,” said Jose Fernandez da Ponte, SVP and general manager of blockchain, crypto and digital currencies at PayPal.
PayPal clients will be able to transfer supported currencies into PayPal, move crypto from its app to external crypto addresses like as exchanges and hardware wallets, and send crypto to other PayPal users "in seconds" using the new capability.
Customers are responsible for network costs when making external transfers, which vary based on the blockchain and the crypto asset. Internal transfers – PayPal to PayPal — are free of charge.
“If users have crypto somewhere else and want to consolidate, they can bring it to PayPal from external addresses,” Fernandez da Ponte. “They can also send crypto to anyone who is in the PayPal system.”
PayPal gave its users the ability to buy, sell and hold crypto in October of 2020.
Then, in late March 2021, PayPal announced the debut of Checkout with Crypto, a tool that allowed users to use cryptocurrencies to check out at millions of online companies.
Since last year, the crypto market has seen a surge of investor interest with large venture investors, celebrities and blue-chip companies doubling down on crypto investments.
However, the prices of such currencies have remained volatile, dimming their appeal as a hedge against inflation.