PayPal is enabling customers to move their bitcoin to other wallets for the first time.

News Sand DC
Source: PayPal

PayPal stated today that its users would now be able to move cryptocurrencies from their accounts to other wallets and exchanges, in response to client demand.

"Since we started enabling crypto purchases on our platform, this function has been the most requested by our consumers," said Jose Fernandez da Ponte, PayPal's SVP and general manager of blockchain, crypto, and digital currencies.

PayPal clients will be able to transfer supported currencies into PayPal, move crypto from its app to external crypto addresses like exchanges and hardware wallets, and send crypto to other PayPal users "in seconds" using the new capability.

When customers execute external transactions, they are responsible for network costs, which are determined by the blockchain and vary based on the crypto asset. There are no fees for internal transactions (Paypal to PayPal).

"If consumers have crypto elsewhere and wish to consolidate," Fernandez da Ponte says, "they may move it to PayPal from external addresses." "They can also transmit cryptocurrency to anyone who uses PayPal."

In October of 2020, PayPal enabled its users to purchase, sell, and keep cryptocurrency. Then, in late March 2021, PayPal announced the debut of Checkout with Crypto, a tool that let customers use cryptocurrencies to pay for items at millions of online stores. PayPal's recent cryptocurrency investments include a collaboration with Paxos to enable its service that lets clients buy, trade, and store a variety of cryptocurrencies, as well as the acquisition of bitcoin security firm Curv. Last year at Consensus, Fernandez da Ponte indicated that allowing users to transmit data will be the next step.

"For our consumers who want to do more with their digital assets, this is a logical conversion," Fernandez da Ponte told NSDC this week. "We see ourselves as a link between the fiat, or traditional financial, world and the web3 world." We're making it possible to link to other wallets, exchanges, and apps."

Allowing PayPal clients to move their crypto assets — such as bitcoin, Ethereum, bitcoin cash, or litecoin — into, out of, and within the firm was a step that the corporation could not ignore if it wanted to stay ahead of the curve in a fast-changing financial world.

Despite recent instability in the cryptocurrency market, Fernandez da Ponte said PayPal is heading in this route "as consumers [still] adopt cryptocurrencies."

"This action demonstrates that we're committed to this for the long haul," Fernandez da Ponte continued. "I believe it is critical to maintain the course and invest in the space."

Users in the United States may only utilize the new feature, and PayPal says it has added an additional identity verification step for users before they can send any cryptocurrency. Select U.S. users will be allowed to do so starting today, and additional "qualified" U.S. customers — those who complete the identity verification procedure — will be able to do so in the following weeks.

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