PayPal Introduces Crypto Transfer and Withdrawal Following High Demand
PayPal has announced that users can now transfer cryptocurrency from their accounts to other wallets and exchanges.
The company revealed that the feature has been in high demand since its launch of crypto purchases in 2020.
Crypto transfer and withdrawal can now be carried out by customers in supported locations.
In response to high customer demand, PayPal has announced that users can now send cryptocurrency from their accounts to other wallets and exchanges.
Jose Fernandez da Ponte, SVP and general manager of blockchain, crypto, and digital currencies at PayPal confirmed the launch of the feature saying:
“This feature was the most demanded from our users since we began offering the purchase of crypto on our platform,”
The new functionality will allow customers to transfer supported coins into their PayPal accounts. They’ll also be able to move crypto from the app to external crypto addresses such as exchanges and hardware wallets.
Customers will be charged a network fee when they conduct an external transfer. The fee is determined depending on the blockchain and varies depending on the crypto asset. Internal transfers, from PayPal to PayPal, have no fees.
Fernandez da Ponte also said:
“If users have crypto somewhere else and want to consolidate, they can bring it to PayPal from external addresses. They can also send crypto to anyone who is in the PayPal system.”
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PayPal gave its users the ability to buy, sell and hold crypto in October of 2020. Then, in late March of 2021, the company announced the launch of Checkout with Crypto, a feature that allowed users to check out at several online businesses using cryptocurrency.
The new functionality is only available to users in the U.S., and for security reasons, PayPal says it has implemented an identity verification process for crypto transfer and withdrawal.