PayPal expands crypto offering with new feature that allows users to transfer crypto externally

Payments giant PayPal has announced it now allows users to transfer crypto from their accounts to external wallets and exchanges.

PayPal’s recent Crypto Push is in response to customer demand, according to Jose Fernandez da Ponte, SVP and general manager of blockchain, crypto, and digital currencies at PayPal who said in a press release:

“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.”

In March last year, PayPal announced the launch of Checkout with Crypto, a new feature that enabled users to convert their holdings into fiat currencies, and use crypto to make purchases at all of its 30 million merchants..

PayPal is working hard to expand its crypto offering, including its partnerships and investments, recently confirming that they are exploring stablecoins in line with their broader crypto strategy.

“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators,” Jose Fernandez da Ponte, SVP of Crypto and Digital Currencies at PayPal, said in a statement to Bloomberg News.

PayPal’s latest announcement details how users will be able to transfer supported coins into PayPal, as well as move crypto from PayPal to external crypto addresses including exchanges and hardware wallets and send crypto to family and friends with no fees.

Also outlined in the press release was the announcement that PayPal has been granted a full Bitlicense by the New York Department of Financial Services, making them the first company to convert a conditional virtual currency license into a full Bitlicense. This virtual currency license permits businesses to have access to the New York marketplace, and reflects PayPal’s commitment to fully complying with regulatory guidelines and best practices.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.