PayPal Users Can Now Transfer Bitcoin Between PayPal and Other Wallets and Exchanges

Place/Date: - October 17th, 2022 at 1:48 pm UTC · 3 min read
Source: Gate.io

Jose Fernandez da Ponte, the Senior Vice President, and General Manager, Blockchain, Crypto & Digital Currencies at PayPal announced that PayPal users can now buy, sell and transfer Bitcoin, Ethereum and Litecoin starting from June 7th. Despite the current bear market at the time of writing, companies, and organizations still believe that cryptocurrency is the future of money. We have seen companies and organizations demonstrate their support for the crypto community with the various structures these companies come up with and because some of their customers believe in the potential of cryptocurrencies.

As the prices of cryptocurrencies continue to crash, bitcoin has struggled to maintain its price above $30,000, and at press time it is trading at a price of $30,452 and it is up by 1.86% in a 24-hour trading volume (Source: gate.io). So BTC may close with a green candle today just the way it started the week. You can buy crypto on the Gate.io crypto exchange. Does PayPal have plans to add other cryptocurrencies to its platform aside from Bitcoin, Ethereum, bitcoin cash, and Litecoin?

PayPal Customers Can Move Their Crypto to Other Wallets

The global e-commerce payment platform PayPal first showed its interest in cryptocurrency as far back as 2013, this was just 4 years after the release of the bitcoin white paper by Satoshi Nacomoto.  Then seven years later, which was 2021, PayPal gave its users the ability to buy, sell and hold cryptocurrencies. This was bullish for the cryptocurrency community. Therefore the e-commerce giant has played a major role in the growth of cryptocurrency. Are the fees for cryptocurrency transactions on the PayPal platform satisfactory for the users?

The long-awaited feature by the PayPal users that will enable users to transfer their cryptocurrencies from PayPal to other wallets has been launched. This enables PayPal to have some features like other cryptocurrency exchanges. The latest feature that enables users to transfer cryptocurrencies between PayPal and other wallets and exchanges has been one of the most requested features by PayPal users since it started offering cryptocurrency service. This new feature is available for selected U.S users and in the coming weeks, more eligible users will be added.

Moreover, this new feature will enable customers to transfer supported coins into PayPal. Move crypto from PayPal to external crypto addresses including exchanges and hardware wallets. Send crypto to family and friends on PayPal in seconds, with no fees or network charges to send or receive. The introduction of this new feature by PayPal actually shows their continuous interest in cryptocurrency and will help its customers interact with the bigger crypto community.

In this current bear market, will this update from PayPal help keep the bitcoin price above $30,000?

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