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Paypal Will Soon Allow Crypto Transfer to External Wallets

Photo for the Article - Paypal Will Soon Allow Crypto Transfer to External Wallets

PayPal Holdings Inc (PYPL.O), a major payments platform, announced that they will now support the native transfer of cryptocurrency between PayPal and external wallets and exchanges. This means that users holding Bitcoin and Ethereum on the platform can finally self-custody their coins.

“Starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges.”


The feature is available to select US users starting June 7 and will be rolled out to all eligible US customers ‘in the coming weeks.’ 

The new feature will enable PayPal customers to move cryptocurrencies from PayPal to external crypto addresses–including exchanges and hardware wallets–and send cryptos to family and friends on PayPal with no fees or network charges to send or receive.

As per the wallet’s newly updated Terms and Conditions, external transfers will only require the external wallet’s public address and identifying information will not be requested.

Photo for the Article - Paypal Will Soon Allow Crypto Transfer to External Wallets

“We’re excited to connect PayPal’s customers to other wallets, exchanges and applications, and we will continue to roll out additional crypto features, products and services in the months ahead. We look forward to hearing more customer and community feedback as we enhance our digital currency capabilities.” –Jose Fernandez da Ponte, the Senior Vice President and General Manager of Blockchain, Crypto & Digital Currencies at PayPal

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Priorly, PayPal started allowing customers to buy, sell and hold cryptocurrencies; bitcoin, ethereum, bitcoin cash and litecoin, in October 2020 but they were not allowed to move crypto holdings off its platform.

In March 2020, however, Paypal’s Chief Technical Officer Sri Shivananda, stated that crypto has to prove itself first as it still has a long way to go before it can catch up to fiat. (Read more: Paypal CTO Thinks Crypto Must Prove Itself First)

On the other hand, Paypal Co-founder Peter Thiel has expressed his bullishness for Bitcoin, believing himself to have underinvested back in October.

“The intersection between CBDC, stable coins, digital wallets, and enhanced utility of payments through cryptocurrencies is not just fascinating, but I think will redefine a lot of the financial world going forward,” –CEO Dan Schulman said in a speech at Axis Tel Aviv in March.

This article is published on BitPinas: Paypal Will Soon Allow Crypto Transfer to External Wallets

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.