Responding to multiple requests from its customers, PayPal has allowed users in the US to transfer crypto from accounts to other wallets and exchange services.
“This feature has been the most requested by users since we started offering crypto trading on our platform,” said Jose Fernandez da Ponte, SVP and general manager of blockchain, crypto and digital currencies at PayPal.
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According to the company, PayPal customers have the ability to transfer supported currencies to PayPal, transfer crypto from the app to external crypto addresses, including exchanges and hardware wallets, and send crypto to other PayPal users “within seconds.”
Customers are responsible for network fees when making external transfers, which depend on the blockchain and vary by crypto asset. Internal transfers (PayPal to PayPal) are free of fees.
“If users have crypto somewhere else, they can bring it into PayPal from external addresses if they want,” Fernandez da Ponte said. “They can also send crypto to anyone in the system PayPal.”
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The popular online payment service has been allowing its users to buy, sell and hold crypto since October 2020.About five months later, in late March 2021, PayPal announced the launch of “Checkout with Crypto,” a feature that allowed consumers to check out millions of online businesses that use crypto. This feature was expanded with PayPal’s ongoing investments in the cryptocurrency, which include its partnership with Paxos. As early as last year, Fernandez da Ponte had said that the next step would be to allow users to transfer crypto to other wallets.
“This is a natural change for our users who want to do more with their digital assets,” Fernandez da Ponte told TechCrunch.
The ability to move crypto assets, such as bitcoin, ethereum, bitcoin cash, or litecoin, in and out of PayPal is a move the company couldn't avoid if it wanted to keep up with the continued adoption of crypto.
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Despite the recent turmoil in the crypto space, Fernandez da Ponte said PayPal is moving in this direction “as people [still] get involved in crypto.”
The ability to transfer crypto to other wallets is only available to users in the US , and for security reasons, PayPal says it has implemented an additional identity verification processbefore users can transfer crypto. The feature will be available gradually. It’s starting with a select few US . Other “eligible” US customers — those who complete the identity verification process — will be able to use the feature in the coming weeks.
Source: techcrunch.com
