PayPal Adds Crypto Transfer to External Wallets and Exchanges Functionality

UTC by Ibukun Ogundare · 3 min read
PayPal Adds Crypto Transfer to External Wallets and Exchanges Functionality
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PayPal said the feature is currently available to selected US users.

Famous fintech company PayPal Inc (NASDAQ: PYPL) has added a long-demanded feature that will allow its crypto users to transfer their funds to external wallets and exchanges. This came after almost two years since the company rolled out the crypto feature that enables users to buy and sell cryptocurrencies on the platform. PayPal partnered with stablecoin issuer Paxos to enable crypto services in October 2020, which signified the growing acceptance of digital assets.

PayPal Users Can Now Transfer crypto to External Wallets

Announcing the crypto transfer functionality on June 7th, PayPal said the feature is currently available to selected US users. All eligible US customers will begin to have access in the coming weeks. Specifically, the new service will enable customers to transfer crypto from PayPal to other crypto addresses such as hardware wallets and exchanges. Also, users will easily send supported coins to PayPal and easily send funds on the platform. The supported cryptocurrencies are Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC).

The latest development shows that PayPal is continually helping its consumers be interested in the broader crypto space. The company’s CEO, Dan Schulman, had earlier hinted at plans to “double down” on efforts to grow the digital wallet. Speaking during the quarterly earnings call in April, the CEO noted that the payment company is working to put digital wallets at the center of its consumers’ daily financial lives. The Senior Vice President and General Manager, Blockchain, Crypto & Digital Currencies, Jose Fernandez da Ponte expressed his pleasure:

“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.”

The fintech company said it added another identity verification process for security purposes. PayPal highlighted the step-by-step process to transfer crypto from an external wallet or exchange to PayPal. The announcement also contains details of moving crypto to an external wallet or exchange.

PayPal Converts Conditional BitLicense to Full BitLicense

Additionally, the New York Department of Financial Services (NYDFS) has granted a full BitLicense to PayPal. This permit makes PayPal the first company to convert a conditional BitLicense into a full BitLicense.

NYDFS Superintendent Adrienne Harris told CoinDesk:

“The conditional virtual currency license allows businesses to have well-regulated access to the New York marketplace through partnerships with licensed firms, ensuring that New Yorkers have access to a wide variety of virtual currency products with appropriate consumer protections. With PayPal’s conversion to a BitLicense, the conditional license is now a proven framework for licensure.”

PayPal stock is trading down 0.32% to $88.31 in after-hours trading. The company’s stock has lost more than 66% over the past year and has declined 53.02% since the year started. PYPL has plunged nearly 12% in the last three months. However, the fintech company has been amassing profits in the past month, gaining 17.85%. The company also increased 7.41% in the last five days.

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