PayPal now allows users to transfer Bitcoin and other cryptos to external wallets

PayPal has announced that users of its crypto services can now easily and securely transfer supported cryptocurrencies between the app and other wallets.

The payments firm said this on Tuesday via a press announcement shared by the company’s senior VP of Blockchain, Crypto and Digital Currencies Jose Fernandez da Ponte.

Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

Send and receive BTC, ETH, BCH and LTC

The new support is currently only available to select US users, but will eventually be rolled out to all eligible customers across the country in coming weeks, the firm said. 

With the changes, PayPal customers can now transfer supported coins – Bitcoin, Ethereum, Bitcoin Cash and Litecoin – into PayPal. They can also move their crypto holdings from the PayPal app to external cryptocurrency addresses, including crypto exchanges and hardware wallets.

Customers will also be able to send or receive crypto to/from family and friends, all at no fees or network charges.

We’re excited to connect PayPal’s customers to other wallets, exchanges, and applications, and we will continue to roll out additional crypto features, products, and services in the months ahead. We look forward to hearing more customer and community feedback as we enhance our digital currency capabilities.”

Jose Fernandez da Ponte, Senior Vice President and General Manager, Blockchain, Crypto & Digital Currencies

Another step for PayPal

The announcement continues PayPal’ push into the crypto sector. The new functionality especially comes just weeks after the firm’s Vice President Richard Nash said at WEF 2022 that PayPal would be looking to integrate all possible crypto and blockchain services.

The payments firm seems to be headed in that direction, more so after receiving a full Bitlicense from the New York Department of Financial Services (NYDFS), to become the “first company to convert a conditional Bitlicense into a full Bitlicense.” 

According to da Ponte, this signals their commitment towards supporting responsible innovation as well as overall adoption and use of digital currencies. He noted:

Adding the ability to transfer, send, and receive cryptocurrencies is another step in our journey to building a more inclusive and effective financial system.”

The new feature is a response to increased demand from customers, the company noted in its statement.