PayPal launches crypto transfer functionality

U.S. based PayPal users can now transfer, send, and receive Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

PayPal announced to supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges. The new feature – now available to select users and soon to all U.S. users in the coming weeks – will lets PayPal customers transfer supported coins into PayPal, move crypto from PayPal to external crypto addresses (including exchanges and hardware wallets) and also send crypto to family and friends on PayPal in seconds, with no fees or network charges to send or receive. The funcionality has been consistently ranked by users as one of the most requested enhancements since Paypal began offering the purchase of crypto on our platform.

“Allowing PayPal customers the flexibility to move their crypto assets (Bitcoin, Ethereum, Bitcoin Cash, or Litecoin) into, outside of, and within our PayPal platform reflects the continuing evolution of our best-in-class platform and enables customers to interact with the broader crypto ecosystem” said th company in a statement. “Customers who transfer their crypto into PayPal can extend the utility of their crypto by spending using our Checkout with Crypto product at millions of merchants. Adding the ability to transfer, send, and receive cryptocurrencies is another step in our journey to building a more inclusive and effective financial system.”

PayPal has also been granted a full Bitlicense by the New York Department of Financial Services (NYDFS), becoming the first company to convert a conditional Bitlicense into a full Bitlicense.