Users of PayPal will be able to send, receive and transfer bitcoin and other cryptocurrencies to external wallets and exchanges.
- PayPal has enabled users to transfer, send and receive bitcoin from the platform to external wallets and exchanges.
- This feature has been the most demanded feature from PayPal’s users since the company allowed bitcoin purchases in 2020.
- The company does not charge fees to transfer bitcoin.
PayPal, a financial services giant, has enabled customers to now send, receive and and transfer bitcoin and other cryptocurrencies between wallets and exchanges, in a press release from the company.
The financial services company noted in the release that this has been the most consistently requested feature since it began allowing users to purchase bitcoin on the platform in 2020. Whether customers choose to send their bitcoin to an exchange, hot-wallet, or hardware wallet, those users will now have the choice to self-custody.
“Allowing PayPal customers the flexibility to move their crypto assets [bitcoin and other cryptocurrencies] 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 Jose Fernandez da Ponte, Senior Vice President and General Manager.
PayPal also noted that it has been granted a BitLicense, a New York requirement for bitcoin and other cryptocurrency focused businesses, making the company the first to convert a conditional BitLicense to a permanent one. Fernandez da Ponte elaborated on the company’s ambitions with the license in an interview with Decrypt:
"The whole reason we're in crypto is because we believe a substantial portion of commerce is going to move to digital currencies.”
The focus on commerce, rather than operating as an exchange, allows PayPal to function without fees associated with bitcoin transactions. Rather than being a central exchange, PayPal looks toward evolving commerce using tools like Checkout With Crypto, which allows users to interact with millions of merchants worldwide using bitcoin.