PayPal announced to its users that they will now be able to transfer cryptocurrencies to other wallets and exchange houses.
In response to customer demand, PayPal announced that it is enabling users to transfer cryptocurrency from their accounts to other wallets .
“This feature was the most requested by our users since we started offering the purchase of cryptocurrencies on our platform,” said José Fernández da Ponte, senior vice president and general manager of blockchain, cryptocurrencies and digital currencies at PayPal.
The new functionality will allow customers to transfer supported digital currencies to PayPal , move crypto from your app to external crypto addresses, including exchanges and hardware wallets, and send crypto to other users.
We’re excited to announce that PayPal will begin supporting the transfer of cryptocurrencies between PayPal and other wallets and exchanges. This feature is rolling out to all eligible US customers in the coming weeks. Learn more: https://t.co/PelvFv7eRW pic.twitter.com/YkzPOV7teq
— PayPal (@PayPal) June 7, 2022
Cryptocurrencies in PayPal
Customers are responsible for network fees when making external transfers, which are blockchain dependent and vary by crypto asset. Internal transfers have no fees.
“If users have cryptocurrencies elsewhere and want to consolidate, they can bring them to PayPal from external addresses,” Fernández da Ponte. “They can also send crypto to anyone who is in PayPal’s system.”
The new functionality is only available to users in the United States, and for security reasons PayPal says it has implemented an additional identity verification process for users before making crypto transfers.