In an untimely move, PayPal announced last week that users can now send crypto between accounts. Since then, Bitcoin has plunged by more than 30% and is now under $19,000 as of Saturday.
PayPal said it now supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges. This feature has been consistently ranked by users as one of the most requested enhancements since the company began offering the purchase of crypto on its platform.
Available now to select U.S. users starting and rolling out to all eligible U.S. customers in the coming weeks, this new functionality lets PayPal customers:
- Transfer supported coins into PayPal.
- Move crypto from PayPal to external crypto addresses including exchanges and hardware wallets.
- Send crypto to family and friends on PayPal in seconds, with no fees or network charges to send or receive.
Allowing PayPal customers the flexibility to move their crypto assets (Bitcoin, Ethereum, Bitcoin Cash, or Litecoin) into, outside of, and within our PayPal platform reflects the continuing evolution of our best-in-class platform and enables customers to interact with the broader crypto ecosystem. Customers who transfer their crypto into PayPal can extend the utility of their crypto by spending using our Checkout with Crypto product at millions of merchants.
PayPal has also been granted a full Bitlicense by the New York Department of Financial Services (NYDFS) – becoming the first company to convert a conditional Bitlicense into a full Bitlicense – signaling our commitment to responsible innovation and expanding the accessibility and utility of digital currencies while fully complying with regulatory guidelines and best practices. Adding the ability to transfer, send, and receive cryptocurrencies is another step in our journey to building a more inclusive and effective financial system.