PayPal now allows transfer of crypto to external wallets

Written By Simon Mwebaze

PayPal offers convenience to its users to send, receive and transfer funds between friends, family and merchants.

It has been able to do this with fiat currency – but it looks like its doors are opening to a new payment method.

Due to high demand, PayPal customers may now be able to send, receive and transfer cryptocurrencies between wallets and exchanges.  Supported cryptocurrencies include Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

Customers may also enjoy performing transactions with merchants across the world using the “Checkout with Crypto” function.

“Allowing PayPal customers the flexibility to move their crypto assets [bitcoin and other cryptocurrencies] into, outside of, and within our PayPal platform reflects the continuing evolution of our best-in-class platform and enables customers to interact with the broader crypto ecosystem,” PayPal’s Jose Fernandez da Ponte said.

After being granted a full Bitlicense by the New York Department of Financial Services, PayPal became the first company to convert a conditional Bitlicense into a full Bitlicense.

The current PayPal feature is available to select users in the United States but will roll out across the country to more users in the coming weeks. Additionally, PayPal will roll out additional crypto features, products and services soon.

There must be a fee for this feature, right? Yes and no. If users send a crypto payment outside PayPal, they will be charged a fluctuating network fee. The fluctuation will depend on network congestion and other factors – but transactions between PayPal accounts using crypto will have no charge.

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