PayPal will allow transfers with cryptocurrencies

PayPal continues to expand in the crypto ecosystem, announcing that it will support the transfer of Bitcoin and cryptocurrencies to external wallets and exchanges. Specifically, it allows Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) transfers.

“We are delighted to announce that starting today, PayPal supports the native transfer of cryptocurrencies between the company and other wallets and exchanges.”

Indeed, noting that the feature is “consistently ranked by users as one of the most requested enhancements” to its cryptocurrency services.

“We are pleased to announce that PayPal will start supporting the transfer of cryptocurrencies between PayPal and other wallets and exchanges. This feature will roll out to all eligible US customers in the coming weeks."

We’re excited to announce that PayPal will begin supporting the transfer of cryptocurrencies between PayPal and other wallets and exchanges. This feature is rolling out to all eligible US customers in the coming weeks. Learn more: https://t.co/PelvFv7eRW pic.twitter.com/YkzPOV7teq

— PayPal (@PayPal) June 7, 2022

In this regard, José Fernández da Ponte, senior vice president of Blockchain, Cryptocurrencies and digital currencies at PayPal indicated: “The company is ready to integrate everything related to cryptocurrency services on the platform.”

    Transfer supported cryptocurrencies to PayPal.
    Move cryptocurrencies from PayPal to Exchanges and Wallets.
    Send crypto to family and friends on PayPal in seconds, with no fees or network charges to send or receive.

Very important, neither PayPal nor its sender will be able to recover cryptocurrencies sent to a misspelled address.

As a fun fact, PayPal received a full BitLicense from the New York Department of Financial Services (NYDFS). Becoming the first company to convert a conditional BitLicense to a full BitLicense.

PayPal Adds Cryptocurrency Withdrawals and Deposits

“Clients of will be able to transfer supported cryptocurrencies. Move them from PayPal to external crypto addresses. Including Exchanges and wallets. So sending crypto to family and friends on PayPal in seconds."

In fact, PayPal started allowing customers to buy, sell, and hold Bitcoin, Ethereum, Bitcoin Cash, and Litecoin in October 2020. However, users were unable to move their crypto holdings off of its platform.

Then, starting in March 2021, the company allowed users to spend their cryptocurrency with merchants that accept PayPal. However, the introduction of crypto payments did not provide a way for users to withdraw funds to a personal wallet.

To conclude, the company indicated: “We are excited to connect PayPal customers with other wallets, Exchanges and applications. And we will continue to roll out additional features, products, and crypto services in the coming months.”

He further added, “We look forward to hearing more feedback from customers and the community as we enhance our digital currency capabilities.”

I close with this phrase by Michel Saylor: «There are a million ways to invest your money. But only one way to save it."