PayPal now allows Bitcoin transfers to external wallets
PayPal users will be able to send, receive and transfer bitcoins and other cryptocurrencies to external exchanges and wallets.
PayPal allowed users to transfer, send, and receive bitcoins from the platform to external exchanges and wallets.
This feature is the most requested by PayPal users since the company allowed purchases with bitcoins in 2020.
The company does not charge fees for transferring bitcoins.
PayPal, a financial services giant, has now enabled customers to send, receive and transfer bitcoins and other cryptocurrencies between wallets and exchanges, in a company press release.
The financial services company noted in the statement that it was the most requested feature since it began allowing users to purchase bitcoin on the platform in 2020. 'send their bitcoins to an exchange, hot wallet or hardware wallet, these users will now have the option of self-custody.
“Allowing PayPal customers the flexibility to move their crypto assets [bitcoin and other cryptocurrencies] to, from, and within our PayPal platform reflects the continued evolution of our industry-leading platform and enables customers to engage with the broader crypto ecosystem,” said Jose Fernández da Ponte, senior vice president and general manager.
PayPal also noted that it had received a BitLicense, a New York requirement for bitcoin and other crypto-focused businesses, making the company the first to convert a conditional BitLicense to a permanent one. Fernández da Ponte explained the company's ambitions with the license in an interview with Decrypt:
“The reason we are interested in cryptocurrencies is that we believe a substantial portion of commerce will migrate to digital currencies.”
Focusing on commerce rather than operating as an exchange allows PayPal to operate with no fees associated with bitcoin transactions. Instead of being a central exchange, PayPal seeks to scale commerce using tools like Checkout With Crypto, which allows users to interact with millions of merchants around the world using bitcoin.
