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

Paypal has begun letting users transfer cryptocurrencies between its platform and other wallets and exchanges. “This feature has been consistently ranked by users as one of the most requested enhancements since we began offering the purchase of crypto on our platform,” Paypal revealed.

Payments giant Paypal finally allows users to transfer cryptocurrencies in and out of its platform. The company announced Tuesday:

We are thrilled to announce that starting today, Paypal 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 we began offering the purchase of crypto on our platform,” the announcement adds.

The new feature is now available to select U.S. users, Paypal said, adding that it will be rolled out to all eligible U.S. users in the coming weeks.

Users can transfer supported cryptocurrencies to Paypal and move crypto away from the platform “to external crypto addresses including exchanges and hardware wallets.” They can also send their coins to their family and friends on Paypal “with no fees or network charges to send or receive,” the company detailed.

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

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

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

The company became the first to obtain a conditional Bitlicense in October 2020. “We are proud to become 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 said Tuesday that it has become the “first company to convert a conditional Bitlicense into a full Bitlicense.”

What do you think about Paypal allowing users to transfer cryptocurrencies to and from its platform? Let us know in the comments section below.