While replying to customer demands, PayPal declared today that its users will now be able to transfer crypto from their accounts, exchanges, and wallets.
The latest functionality will enable customers of PayPal to transfer backed coins into PayPal, move cryptocurrency from its application to external cryptocurrency addresses including hardware wallets and exchanges, and send cryptocurrency to other PayPal users within no time.
Customers are accountable for network fees when they carry out external transfers, which depend on the blockchain and vary depending on the cryptocurrency asset. PayPal to PayPal – internal transfers have no fees.
PayPal enabled its users to sell, buy and hold cryptocurrency in October 2020. Then, in late March 2021, PayPal declared the launch of Checkout with Cryptocurrency, a feature that enables customers to check out millions of online businesses utilizing crypto. That feature expanded on the latest investments of PayPal in the cryptocurrency market, which include its partnership with Paxos to strengthen its service that enables customers to sell, buy and hold a range of cryptos and its acquisition of crypto security startup, Curv.
Offering its customers the ability to move their crypto assets like Ethereum, Bitcoin Cash, or Litecoin – into, outside of, and within PayPal, is a stance that the firm couldn’t avoid if it wanted to keep up with the resumed cryptocurrency adoption and not be at risk for being observed as behind the times in a rapidly changing fintech landscape.