Paypal Now Supports External Wallet Transfers, Upgrades Crypto Services

Paypal Now Supports External Wallet Transfers, Upgrades Crypto Services

Paypal users can now transfer cryptocurrencies between their 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.

Paypal Now Supports External Wallet Transfers

Paypal has finally enabled users to transfer cryptocurrencies into and out of its platform. The company announced on 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. However, Paypal has said 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 Receives Full Bitlicence

Paypal also announced on 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 on Tuesday that it has become the "first company to convert a conditional Bitlicense into a full Bitlicense."