Users may now send cryptocurrency to other wallets using Paypal

Users may now send cryptocurrency to other wallets using Paypal

Paypal has started allowing customers to move cryptocurrency from their wallets to other wallets and exchanges. "Since we began facilitating the purchase of cryptocurrency on our platform, this option has regularly been regarded as one of the most desired upgrades by consumers," Paypal said.

Paypal, the world's largest payment processor, has finally allowed customers to move cryptocurrencies in and out of its system. We're excited to share that, as of today, Paypal allows native cryptocurrency transfers between Paypal and other wallets and exchanges. "Since we started supporting the purchase of cryptocurrencies on our site, consumers have consistently rated it as one of the most wanted features," the release continues.

Paypal said the new capability is already accessible to a limited group of US customers and will be pushed out to all eligible US users in the coming weeks.

Users may send supported cryptocurrencies to Paypal and send cryptocurrency "to other crypto addresses, such as exchanges and hardware wallets." They may also use Paypal to transmit their coins to relatives and friends with "no fees or network expenses to send or receive," according to the firm.

Paypal now accepts bitcoin, ethereum, bitcoin cash, and litecoin as payment methods.

Checkout with Crypto, a feature introduced in March of last year, allows Paypal clients to use their cryptocurrencies to pay for products and services at millions of merchants.

The New York Department of Financial Services also announced on Tuesday that Paypal has been awarded a full Bitlicense.

In October 2020, the firm became the first to receive a conditional Bitlicense. CEO Dan Schulman commented at the time, "We are thrilled to become the first firm to get a conditional virtual currency license from the New York State Department of Financial Services."

On Tuesday, the firm said that it was the "first company to transform a conditional Bitlicense into a complete Bitlicense."