The move comes about two years after PayPal started allowing users to buy-sell cryptos through its platform.
PayPal Now Supports Transfer of Cryptos, Starting with BTC, ETH, LTC and BCH
Following the successful rollout of the buy-sell crypto in October 2020, PayPal is finally ready to allow users to transfer, send, and receive digital assets between PayPal and other exchanges and wallets. So far, this feature is available only to select United States users, but it will be expanded to all eligible users in the nation in the coming weeks. The first batch of the supported coins is Ethereum, Bitcoin (BTC), Litecoin (LTC), and Bitcoin Cash (BCH).
Furthermore, people who transfer their crypto funds into PayPal are allowed to spend them via checkout at different merchant terminals. The company was given a full Bitlicense by the New York Department of Financial Services for the conduct.
Users on PayPal would only need to log in to their accounts and then navigate to the crypto section to start transferring their coins. They are also required to complete a one-time ID verification before the process.
For crypto transfers to recipients outside the PayPal network, the user would be charged a network fee depending on the respective blockchain. However, transfers between PayPal users would not attract any fees. To ensure that users’ privacy is protected, the firm creates a new address for every transaction into the respective user’s PayPal account. Again, all incoming transfers will not attract any fees.
PayPal is also working towards integrating other types of digital currencies as a method of boosting its digital footprint. The idea of launching its own stablecoin, PayPal Coin, is also in the offing.