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PayPal Enables Crypto Transfers To And From External Wallets, Exchanges

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Digital payments firm PayPal has enabled the native transfer of cryptocurrencies such as Bitcoin and Ethereum, between the customers PayPal account and other wallets and exchanges. The facility will currently be available only to select U.S. users starting today. It will be rolled out to all eligible U.S. customers in the coming weeks.

This comes nearly two years after the payments firm enabled the buying, holding and selling of cryptocurrencies directly from their PayPal account. PayPal added the new facility after it became the most requested enhancement by customers since it began offering the purchase of crypto on the platform.

The new facility will allow PayPal customers to transfer supported coins such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), into PayPal. It will also allow movement of cryptocurrencies from PayPal to external crypto addresses including exchanges, hardware wallets and wallets.

Further, PayPal said account holders will be able to send crypto assets to family and friends on PayPal in seconds, with no fees or network charges to send or receive.

This action is part of the PayPal platform's continuing evolution to interact better with the broader crypto ecosystem seamlessly to build a more inclusive and effective financial system.

Mainstream adoption of cryptocurrencies has traditionally been hindered by their limited utility as an instrument of exchange due to volatility, cost and speed to transact. However, advanced technological platforms now offer the possibility of mainstreaming digital currencies.

PayPal has also been granted a full Bitlicense by the New York Department of Financial Services (NYDFS) to become the first company to convert a conditional Bitlicense into a full Bitlicense, a virtual currency license, from the NYDFS to businesses to provide virtual currency services for customers across the State of New York.

When it began crypto operations in October 2020, PayPay was granted a first-of-its-kind conditional Bitlicense by the NYDFS through its partnership with New York authorized virtual currency firm Paxos.

The controversial BitLicense regulatory framework, which came into effect on August 8, 2015, is aimed at monitoring and regulating cryptocurrencies such as Bitcoin and cryptocurrency-related products being offered in the State of New York and to New York residents.

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