PayPal will finally allow users to transfer, send and receive cryptocurrency on its platform.
On Tuesday, June 7, PayPal announced on Twitter:
“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.
PayPal customers will be able to transfer supported coins into PayPal, move crypto from PayPal to external crypto addresses, including exchanges and hardware wallets, and send crypto to family & friends on PayPal in seconds.”
This new option shall allow PayPal customers to transfer supported coins into PayPal, move crypto from its app to external crypto addresses, including exchanges and hardware wallets, and send crypto to other PayPal users “in seconds”.
SVP and general manager of blockchain, crypto and digital currencies at PayPal Jose Fernandez da Ponte said, “This feature was the most demanded from our users since we began offering the purchase of crypto on our platform.
“If users have crypto somewhere else and want to consolidate, they can bring it to PayPal from external addresses. They can also send crypto to anyone who is in the PayPal system.”
Customers will be responsible for network fees incurred when they make external transfers, which depend on the blockchain and may vary depending on the crypto asset. Meanwhile, internal transfers – PayPal to PayPal – have no fees.
Enabling its customers to move their crypto assets – such as Bitcoin, Ethereum, Bitcoin Cash or Litecoin – into, outside of and within PayPal is something that the company can no longer avoid if it wanted to keep up with the continuous crypto adoption and not risk itself for being viewed as behind the times in an ever fast-changing fintech landscape.
Despite the recent turmoil in the crypto space, Fernandez da Ponte said that PayPal is pressing on in this direction “as people are still adopting cryptocurrencies. This move shows we’re in this for the long term. I think it’s important to stay the course and continue to invest in the space.”