PayPal to Allow Users to Transfer Crypto Externally as It Expands Its Crypto Offering

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One of the world’s leading payment powerhouses, PayPal, recently announced that it would allow users to transfer crypto from their PayPal accounts to external wallets or exchanges. The company’s new offering, Crypto Push, is a response to increasing customer demand for cryptocurrency transfers.

In a press release, Jose Fernandez da Ponte, the SVP and general manager of blockchain, crypto, and digital currencies at PayPal, said,

“We are thrilled to announce that starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges. Users have consistently ranked this feature as one of the most requested enhancements since we began offering the purchase of crypto on our platform.”

PayPal started its crypto journey in March last year when it announced the launch of “Checkout with Crypto,” a new feature that enabled users to convert their holdings into fiat currencies. Through this feature, customers can use crypto to make purchases at all of its 30 million merchants. Currently, PayPal is working hard to expand its crypto offerings, partnerships, and investments. In a recent announcement, the cryptocurrency giant confirmed that they are exploring stablecoins in line with the broader crypto market.

According to Jose Fernandez da Ponte in a statement to Bloomberg News, “We are exploring a stablecoin, if and when we seek to move forward, we will, of course, work closely with relevant regulators.”

The latest announcement from PayPal explained how users would be able to transfer coins that are supported by PayPal to external crypto wallets and from the wallets into PayPal accounts with no fees. In the same announcement, PayPal revealed that it had been granted a full Bitlicense by the New York Department of Financial Services. This achievement has made PayPal the first company to convert a conditional virtual currency license into a full Bitlicense. This license permits businesses to access the New York marketplace, reinforcing PayPal’s commitment to complying with regulatory guidelines and best practices.