PayPal is finally delivering a long-awaited function that allows customers to send cryptocurrency to third-party wallets.
According to the PayPal newsroom, Paypal has begun enabling customers to move cryptocurrencies between its platform and other wallets.
“We are thrilled to announce that starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges,” said Jose Fernandez da Ponte, Senior Vice President and General Manager of Cryptocurrency at the company.
According to the same source, this function was made accessible in response to urgent consumer demands, who said,
“This feature has consistently been ranked by users as one of the most requested enhancements since we began offering the purchase of crypto on our platform.”
PayPal clients may now do the following with this new feature:
- Put supported coins into PayPal.
- Transfer cryptocurrency from PayPal to other addresses, such as exchanges and hardware wallets.
- Send cryptocurrency to relatives and friends using PayPal in seconds, with no fees or network expenses.
PayPal has a new feature
first, at the end of 2020 PayPal introduced cryptocurrency, users may purchase, trade, and hold four different cryptocurrencies at the moment. Bitcoin, Ethereum, Bitcoin Cash, and Litecoin are the four cryptocurrencies. However, users were unable to move funds to other destinations such as MetaMask, Coinbase, Binance, or hardware wallets using these coins.
PayPal, on the other hand, revealed on Tuesday, Jun 7, 2022, that its users can now send and receive cryptocurrencies using its platform. So that customers easily send supported cryptocurrencies to Paypal and send cryptocurrency to external crypto addresses such as exchanges and hardware wallets. They may also transmit their coins to their relatives and friends through Paypal without incurring any fees or network charges, according to the company.
This much-anticipated innovation will increase the company’s competitiveness against other cryptocurrency firms.
Because PayPal is utilized by hundreds of millions of people throughout the world to send money, the fact that users may now do so is important. Additionally, PayPal is becoming a more popular payment tool among retailers.
Users of the PayPal platform will be able to use the new functionality. It will also be available in a week or two to everyone in the United States.
Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) are the four cryptocurrencies that Paypal now accepts (LTC).
Da Ponte also included a tutorial on how to use PayPal’s encrypted transfer feature. Simply said, you can:
- Adding cryptocurrency to PayPal from a third-party wallet or exchange.
- Transferring cryptocurrency to a different wallet or exchange.
- Using PayPal to send and receive cryptocurrency.
Paypal has been granted a full Bitlicense
At the time, CEO Dan Schulman commented, “We are proud to become the first company to receive a conditional virtual currency license from the New York State Department of Financial Services.”
On Tuesday, the business also announced that it was the “first company to convert a conditional Bitlicense to a complete Bitlicense.”
The capacity to transmit, receive, and move cryptocurrency is another step toward a more inclusive and efficient financial system.
PayPal’s crypto plans
Despite the current cryptocurrency crisis, which has led the company’s share price to fall in recent months, the good news for the crypto industry is that PayPal is not scaling back on its ambitious cryptocurrency goals.
A PayPal official claimed in an interview that the corporation had a long-term strategy for pursuing a crypto strategy.
This, according to Fernandez da Ponte, is one of the main reasons why the firm does not collect fees for cryptocurrency transactions. Rather than acting as an exchange, his intentions for bitcoin concentrate on trade. In the following months, he added, PayPal will continue to roll out more crypto capabilities, products, and services. This is a positive development for the company’s business strategy.
Finally, according to the PayPal, financial and economic experts believe that permitting the transfer of encrypted assets, such as “Bitcoin” or “Ethereum” or “Bitcoin Cash” or “litecoin,” to or from the firm is a critical step that must be taken. If the corporation wants to keep up with the ongoing growth of cryptocurrencies and avoid allegations of “backwardness” in the quickly changing world of financial technology, it will ignore it.