Key takeaways:
- PayPal has rolled out new cryptocurrency features that grant users more options when moving their crypto assets
- PayPal users can now send their crypto between friends and family with no fees as well as transfer it outside the platform
- The product supports Bitcoin, Ethereum, Litecoin, and Bitcoin Cash
PayPal users can now freely move their BTC, ETH, LTC, and BCH
PayPal, one of the leading payment processors in the world, has announced the expansion of its cryptocurrency services with the inclusion of new transfer options. With the addition of new features, PayPal users can now transfer supported digital currencies into PayPal, move their coins from PayPal to external platforms (including crypto exchanges and blockchain wallets), and send or receive crypto with zero fees.
The platform currently supports four digital currencies, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. The rollout of the new features has already begun and they are currently available to select users from the US.
An expert from the company’s press release reads:
“Allowing PayPal customers the flexibility to move their crypto assets (Bitcoin, Ethereum, Bitcoin Cash, or Litecoin) into, outside of, and within our PayPal platform reflects the continuing evolution of our best-in-class platform and enables customers to interact with the broader crypto ecosystem.“
In addition to new features, PayPal has also announced it has become the first company to obtain a “full Bitlicense by the New York Department of Financial Services (NYDFS).” The license allows PayPal to pursue its mission of “expanding the accessibility and utility of digital currencies” and building an “inclusive” financial system.
In October 2020, PayPal became one of the first companies in traditional finance to allow its users to buy and sell crypto via the company’s own wallet solution. In March 2021, PayPal introduced the “Checkout with Crypto” feature, which allows users to pay with digital currencies at millions of merchants. Earlier this year, the company confirmed it is exploring its own stablecoin products, after a software engineer by the name of Steve Moser found references to “PayPal Coin” in the company’s iOS app.
