Following the high demand from clients, it is now possible for Paypal users to transfer and receive cryptocurrencies, both within and outside of Paypal. At the moment, this feature is only available for selected U.S. users but will be unlocked for all eligible U.S. clients subsequently.
PayPal Welcomes New Crypto Feature
On June 7, the digital payment company was thrilled to announce the introduction of a highly-demanded feature on its platform. This feature enables the sending and receiving of Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) on Paypal.
With this new functionality, Paypal users can now move crypto assets among themselves on the platform. Also, users can send cryptocurrencies from their Paypal accounts to other external wallets or exchanges, including hardware wallets.
Likewise, users can move in supported coins into their PayPal wallets. Interestingly, these operations are done with no charges from PayPal and at a fast speed. Nonetheless, there is always a blockchain network fee attached to every crypto transaction.
As an added advantage, customers can extend the utility of transferred-in cryptocurrencies into Paypal. Per the statement, received cryptos can be used by clients via PayPal’s ‘Checkout with Crypto’ product available at numerous merchants.
In the words of Jose Fernandez da Ponte, PayPal’s Senior Vice President and General Manager, Blockchain, Crypto & Digital Currencies;
“Allowing PayPal customers the flexibility to move their crypto assets (Bitcoin, Ethereum, Bitcoin Cash, or Litecoin) into, outside of, and within our PayPal platform reflects the continuing evolution of our best-in-class platform and enables customers to interact with the broader crypto ecosystem.”
Adding the ability to transfer, send, and receive cryptocurrencies is another step in our journey to building a more inclusive and effective financial system, he added.
More Crypto Adoption Promised
For more than two decades, PayPal has remained at the forefront of the digital payment revolution. The fintech giant’s interest in cryptocurrency was first seen in 2019 when it decided to join the failed Facebook Libra project but later backed out the same year.
Later in June 2021, it was rumoured that PayPal’s Venmo planned on rolling out a crypto buying and selling product. A rumour that turned out to be true. Ever since then, PayPal has made several advances toward cryptocurrency and blockchain technology.
In August 2021, the digital payment company launched the ability to buy, hold and sell cryptocurrency in the United Kingdom (UK). Similarly, it signed a partnership with CFD trading technology for effective crypto payment for forex brokers and many more adoption instances.
Overall, PayPal has always shown its commitment to expanding the accessibility and utility of cryptocurrencies and digital payment innovations in general.
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The online payment giant is now excited to connect PayPal’s customers to other wallets, exchanges, and applications. More so, it promises to roll out additional crypto features, products, and services in the future, based on customer feedback.