PayPal crypto boost: users can now move assets between external wallets & exchanges
PayPal has been making strides to become more crypto-friendly over the past few years, and now, it’s offering greater interoperability for digital assets.
The fintech platform has said it will allow the native transfer of cryptocurrencies to external wallets. According to the company, this feature has been consistently requested by users since it opened its doors to crypto in 2020.
Initially, Paypal enabled users to hold and trade Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, though they were not able to transfer it off the platform. Payment to accounts is made through integrations and the use of payment processors, like Braintree, Coinbase, and BitPay.
The new feature will allow users to:
- Transfer supported coins into PayPal
- Move crypto from PayPal to external crypto addresses including exchanges and hardware wallets
- Send and receive crypto to and from PayPal accounts with no fees or network charges
It’s currently available for select US consumers and will be rolled out to the broader US market over the coming weeks.
Paypal believes the move “reflects the continuing evolution” of the platform and “enables customers to interact with the broader crypto ecosystem.”
The fintech company has also had its conditional Bitlicense converted into a full Bitlicense by the New York Department of Financial Services (NYDFS), becoming the first company to do so.
A comprehensive guide to moving crypto on PayPal can be found here.