Transferring cryptocurrencies from PayPal to other wallets is a long–sought function. And, now it’s finally working. Users will now be able to transfer, send, and receive Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
Jose Fernandez da Ponte, Senior Vice President and General Manager at PayPal Inc., who is overseeing the team developing Blockchain, Crypto & Digital Currencies, recently announced that since June seventh, “PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges.” The announcement also appeared on Twitter:
Users have been waiting for this feature for a long time, since the launch of the facility to purchase cryptocurrency. And finally it has appeared on PayPal, but so far, only for some users from the US. Full-scale distribution of the function, according to the announcement, will be completed in the coming weeks.
Now users will be able to transfer supported coins into PayPal, move crypto from PayPal to external crypto addresses including exchanges and hardware wallets. Send crypto to family and friends on PayPal in seconds, with no fees or network charges to send or receive.
«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. 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.»
And what about the competition? As it turned out, PayPal was not the first to introduce cryptocurrency transactions. Skrill, Chivo and Stripe e-wallets already allow users to use cryptocurrencies. Moreover, users of these platforms have much more choice of cryptocurrencies than PayPal. As for the likes of Google Pay and Amazon Pay, giants in the industry, they as yet do not have the ability to use cryptocurrency, but they are already busy working on solutions.
We continue to observe.
