PayPal Facilitates Transfer of Crypto From Its Wallet to Other Platforms, Secures BitLicense

08. Jun 2022 Posted by Akolkar B on News

One of the world’s largest money-transfer platform PayPal introduced some of the key upgrades for its crypto users on Tuesday, June 7. The company said that, henceforth, crypto users can send digital assets from their accounts to other wallets and exchanges.

This feature of native crypto transfers come amid strong demand and request of customers. On Tuesday, PayPal started rolling out this feature only to a few select U.S. customers. In the coming weeks, it shall roll out this feature to other U.S. customers as well.

With the new feature in place, PayPal users can move crypto from their accounts to external crypto addresses including exchanges and hardware wallets. They can also send crypto to friends and family members on PayPal, in seconds, at no cost of network charges.

Jose Fernandez da Ponte, Senior Vice President and General Manager, Blockchain, Crypto & Digital Currencies ay PayPal said: “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. Customers who transfer their crypto into PayPal can extend the utility of their crypto by spending using our Checkout with Crypto product at millions of merchants”.

Executive da Ponte also said that PayPal is moving in this direction amid rising adoption for digital currencies. He further added that this move makes it clear that the company is in this game for the long-term.

He further added: “We see ourselves as a conduit between the fiat, or traditional finance, environment and the web3 environment. We are enabling connectivity to other wallets, exchanges and applications”.

The recent development comes as PayPal secures a full BitLicense by the New York Department of Financial Services (NYDFS).PayPal said that this signals their commitment to “responsible innovation” while complying with regulatory guidelines and practices. In the press release, PayPal has shared a detailed guide as to how users can move their crypto funds.

NYDFS Superintendent Adrienne Harris said in a statement: “DFS is committed to keeping New York at the center of responsible technological innovation and forward looking regulation.”