PayPal enables crypto transfers to external wallets, exchanges2022-06-08 15:46 by Daniela
PayPal Holdings Inc said on Tuesday it will now allow users to transfer cryptocurrencies including bitcoin to external wallets, nearly two years after the fintech giant opened up its platform to digital currencies.
According to the press release, the feature is available to select US users starting today and will be rolled out to all eligible US customers 'in the coming weeks'. With the brand-new feature, PayPal customers could move cryptocurrencies from PayPal to external crypto addresses, including exchanges and hardware wallets, and send cryptos to family and friends on PayPal with no fees or network charges to send or receive.
"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," Jose Fernandez da Ponte, PayPal's senior vice president and general manager, blockchain, crypto and digital currencies, said in the announcement.
The company also said the New York Department of Financial Services granted PayPal a "BitLicense," which governs businesses working with virtual currencies, according to a statement on the firm's website Tuesday. PayPal said it was the first company to convert a conditional BitLicense into a full one.
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