- PayPal has enabled users to transfer, send and receive bitcoins from the platform to external wallets and exchanges.
- Ever since the company allowed the purchase of bitcoins in 2020, the feature has been the most sought after feature by PayPal users.
- The company does not charge any fees for transferring bitcoins.
PayPal, a financial services giant, has now enabled customers to send, receive and transfer bitcoin and other cryptocurrencies between wallets and exchanges, in a press release from the company.
The financial services company noted in the release that this has been the most frequently requested feature as it allowed users to buy bitcoin on the platform in 2020. Whether customers choose to send their bitcoins to an exchange, hot-wallet or hardware wallet, those users will now have the option of self-custody.
“PayPal Lets Customers Transfer Their Crypto Assets” [bitcoin and other cryptocurrencies] Our PayPal platform reflects the continuous evolution of our best-in-class platform, inside, outside and enabling customers to interact with the broader crypto ecosystem,” said Jose Fernández da Ponte, Senior Vice President and General Manager .
PayPal also noted that it has been granted a Bitlicense, a New York requirement for bitcoin and other cryptocurrency-focused businesses, making the company the first to permanently convert a conditional Bitlicense. Fernandez da Ponte elaborated on the company’s ambitions with the license in an interview decrypt,
“The whole reason we’re into crypto is because we believe a huge portion of commerce is going to move to digital currencies.”
The focus on commerce, rather than operating as an exchange, allows PayPal to function without the fees associated with bitcoin transactions. Rather than being a central exchange, PayPal looks to develop commerce using tools like Checkout with Crypto, which allow users to interact with millions of merchants worldwide using bitcoin.