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More than a year since plans were revealed, payments giant PayPal has finally started to allow users transfer cryptocurrencies between its platform and other external wallets and exchanges.
The announcement said:
We are thrilled to announce that starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges.
This feature has been consistently ranked by users as one of the most requested enhancements since we began offering the purchase of crypto on our platform.”
For the time being, the new feature is available to select U.S. users and will be rolled out to all eligible U.S. users in the next couple of weeks.
The company detailed that users can transfer supported cryptocurrencies to PayPal and move their crypto holdings off the platform “to external crypto addresses including exchanges and hardware wallets.” In addition, users can send crypto to family and friends on PayPal “with no fees or network charges to send or receive,”
PayPal currently supports four cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
in March last year, PayPal launched its crypto checkout service which allowed U.S. consumers to use their cryptocurrency holdings to pay at millions of online merchants globally.