The USA based online payment firm, PayPal has announced that its users can now transfer crypto to and from their accounts to other wallets and exchanges.
Jose Fernandez da Ponte, SVP and general manager of blockchain, crypto and digital currencies at PayPal said, “This feature was the most demanded from our users since we began offering the purchase of crypto on our platform.”
“We see ourselves as a conduit between the fiat, or traditional finance, environment and the web3 environment. We are enabling connectivity to other wallets, exchanges and applications.”
Users will be able to transfer supported coins into PayPal, move crypto from PayPal to external wallets and exchanges as well as send crypto to other PayPal users.
The coins supported by PayPal are Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
Jose continued, “If users have crypto somewhere else and want to consolidate, they can bring it to PayPal from external addresses.”
Network fees will be levied when external transfers are conducted, which will vary depending upon the blockchain and the crypto assets.
Transfer of crypto among PayPal users will have no fees.
This feature will only be available in the U.S. and will be rolled out in a phased manner starting with selected U.S. customers. In the next few weeks, the service will be accessible to every eligible U.S. customer.
Talking about this feature, Jose says, “This move shows we’re in this for the long term. I think it’s important to stay the course and continue to invest in the space.”
Read Also: Paypal Looking to Offer all Crypto & Blockchain Related Services
PayPal converted to a full Bitlicense from a conditional Bitlicense (as a result of the approval from the New York Department of Financial Services) to be able to provide this feature.
