In response to customer demand, PayPal announced today that it will allow users to transfer cryptocurrencies from their accounts to other wallets or exchanges. Jose Fernandez da Ponte, senior vice president and general manager of blockchain, cryptocurrencies and digital currencies at PayPal, said: “Our users have requested this feature the most since our platform offered to buy cryptocurrencies.”
The new feature will allow PayPal customers to transfer supported coins to PayPal, transfer crypto from their app to external crypto addresses, including exchanges and hardware wallets, and send crypto to other PayPal users “in seconds.”
Customers are responsible for paying network fees when making external transfers, which are blockchain-dependent and vary by cryptoasset. Internal transfers (from PayPal to PayPal) do not charge any fees.
Fernandez da Ponte said: “If users have cryptocurrency elsewhere and want to integrate, they can bring it to PayPal from an external address. They can also send cryptocurrency to anyone in the PayPal system”.
PayPal gave its users the ability to buy, sell, and hold cryptocurrencies in October 2020. Then, in late March 2021, PayPal announced Checkout with Crypto, a feature that allows consumers to check out millions of online businesses using cryptocurrency.
Fernandez da Ponte told TechCrunch this week: “This is a natural shift for users looking to do more with their digital assets. We see ourselves as a conduit between a fiat or traditional financial environment and a web3 environment. We are enabling connectivity to other wallets, exchanges and applications.”
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