Paypal Upgrades Crypto Service — Now Lets Users Transfer Cryptocurrencies to Other Wallets, Exchanges

Paypal has begun allowing users to transfer cryptocurrency between its platform and other wallets and exchanges.” This feature has consistently ranked by users as one of the most requested enhancements since we began offering crypto purchases on our platform.” Paypal revealed.

Paypal now supports external wallet transfers

Payments giant Paypal has finally enabled users to transfer cryptocurrency in and out of its platform. The company announced on Tuesday that it will now support external wallet transfers, which will be available to users on its platform.

We are excited to announce that starting today, Paypal will support native transfer of cryptocurrencies between Paypal and other wallets and exchanges.

“This feature has consistently ranked by users as one of the most requested enhancements since we began offering crypto purchases on our platform.” The announcement added the following.

The new feature is currently available to some US users, Paypal said, adding that it will be rolled out to all eligible US users in the coming weeks.

Users can transfer supported cryptocurrencies to Paypal and move crypto from the platform “to external crypto addresses, including exchanges and hardware wallets.” They can also send coins to family and friends via Paypal.” There are no fees or network charges for sending or receiving.” the company elaborates.

Currently, Paypal supports four cryptocurrencies: bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), and lite coin (LTC

Paypal customers can also use cryptocurrencies to pay for goods and services at millions of merchants using Checkout with Crypto, a service launched last March.

Paypal Granted Full Bitlicense

Paypal also announced on Tuesday that it was granted a full Bitlicense by the New York Department of Financial Services (NYDFS).

The company became the first company to be granted a conditional Bitlicense in October 2020.” We are proud to be the first company to receive a conditional virtual currency license from the New York State Department of Financial Services,” CEO Dan Schulman said at the time.

The company announced Tuesday that it has become “the first company to convert a conditional bit license into a full bit license.”

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