Paypal Now Supports Crypto Transfers to External Wallets

Two years after providing crypto payments, the platform expands its services in this area.

Paypal Now Supports Crypto Transfers to External Wallets

It was in October of 2020 that the payments giant PayPal allowed cryptocurrencies on its platform. This move has greatly helped to propel digital assets and moved them in the right direction. Now, the company is ready for the next step.

In an official press release, PayPal has announced that it shall henceforth provide its customers with the possibility to send digital assets funds into external wallets and exchanges. The feature has been made available to a select few customers across the US and will, later on, be extended to all US users.

During the first phase, four cryptocurrencies will be made available to transfer, namely Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). Other digital assets are set to follow later.

New York Department of Financial Services has granted the company a full Bitlicence. The users simply need to log in to the crypto section of the application and verify their identity upon first use. The recipients outside PayPal will be required to pay a small fee, whilst transactions within the platform remain free.

The company is also said to be exploring the possibilities of integrating Central Bank Digital Currencies, as well as developing its own stablecoin, dubbed “PayPal Coin.” However, this information is yet to be confirmed by the company itself, as has only been found in the code by a developer.

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