PayPal Now Let Users Transfer Cryptocurrency to External Wallet or Exchange

PayPal Upgrade It Crypto Service, Letting Users Transfer Cryptocurrencies Between Its Platform And Other Wallets And Exchanges.

Paypal has started allowing users to transfer cryptos within its platform and other cryptocurrencies wallets and exchanges. 

“This feature has been consistently ranked by users as one of the most requested enhancements since we began offering the purchase of crypto on our platform,” Paypal revealed.

That's, PayPal users has previously requested for this feature for improvement ever since PayPal has begin offering the buying of cryptocurrencies on its platform.

PayPal Now Support External Wallet Transfer

PayPal: one if the world's payment giant, has finally enables its users to transfer cryptocurrencies in and out of its platform. PayPal company announced this on Tuesday:

We are thrilled to announce that starting today, Paypal supports the native transfer of cryptocurrencies between Paypal and other wallets and exchanges.

- PayPal

This PayPal new feature is currently available to select U.S. users only, however, Paypal said, the feature will be rolled out to all eligible U.S. users in the coming weeks.

Users can transfer supported cryptocurrencies to Paypal and move crypto away from the platform “to external crypto addresses including exchanges and hardware wallets.” They can also send their coins to their family and friends on Paypal “with no fees or network charges to send or receive,” the company detailed.

Currently, Paypal supports four cryptocurrencies, and they are: bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), and litecoin (LTC).

Paypal customers can also use their cryptocurrencies to pay for goods and services at millions of merchants using Checkout with PayPal Crypto, a service launched in March last year.

PayPal Has Been Granted Full Bit-license

PayPal also announced on Tuesday that it has been granted full a full Bitlicense by the New York Department of Financial Services (NYDFS).

PayPal became the first payment company to obtain a conditional Bitlicense in October 2020.

 We are proud to become the first company to receive a conditional virtual currency license from the New York State Department of Financial Services.

- CEO Dan Schulman said at the time.

The company said Tuesday that it has become the “first company to convert a conditional Bitlicense into a full Bitlicense.”

How to Transfer Cryptocurrencies In and Out of PayPal

This feature is currently available to selected users in the United States. However, it will be avail.. to all users in the U.S in the coming week.

Follow the below steps to transfer cryptocurrency between PayPal users and to external wallet or exchanges.

• Login to your PayPal Account Dashboard
• Navigate through the dashboard and Locate PayPal Crypto.
• Select the crypto you wish to Send,
• Select Users via Email if your sending to another PayPal users
• Meanwhile, if your sending to an External Wallet or Exchange, enter the crypto address in the space provided.
• Click Next then Confirm to Complete your Transfer.

Conclusion

What do you think about Paypal allowing users to transfer cryptocurrencies to and from its platform? Let us know in the comments section below.

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