PayPal opens digital currencies transfer to external wallets after two years of enabling crypto trading

By: Micheal Wilson

PayPal opens digital currencies transfer to external wallets after two years of enabling crypto trading

June 7, 2022 10:30 PM

PayPal, the paymant giant has just announced its now allowing users to transfer crypto and other digital currencies between wallets.

 

The announcement comes just nearly two years since PayPal began allowing users to buy and sell crypto on its platform.

 

On October 2020, PayPal revealed that users posses the ability to buy and sell crypto on its platform allowing users the ability to transfer digital assets between PayPal and other wallets as well as exchanges.

 

However, this feature is only available to a few selected U.S. users, with the feature soon to expand to all eligible U.S. users in the near future. The feature currently supports a few cryptocurrencies namely bitcoin(BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).

 

Additionally, users who transfer their digital assets onto PayPal can spend it through Checkout at millions of merchant terminals. The company has obtained a full Bitlicense by the New York Department of Financial Services for the conduct.

 

Users would simply need to log in to their accounts and enter the crypto section of the application to initiate crypto transfer as long as the required one-time ID verification is successful.

 

Meanwhile, in app crypto transfers between PayPal users would not incur a network fee. but transfers outside PayPal, users will have to incur network fees which would be determined by their respective blockchains.

 

According a recent discovery by a developer, PayPal is also exploring the possibility of launching its own stablecoin, called "PayPal Coin." The discovery came after a developer found evidence of such a stablecoin within the firms iphone app source code.