Users of PayPal can now seamlessly move their cryptocurrency to external wallets.
The fintech behemoth PayPal, headquartered in California, has announced introduced a capability that enables users to transfer their crypto assets off the platform.
Since its foray into the world of digital currencies nearly two years ago—starting in October 2020—PayPal has let users buy, sell, and store Ethereum, Bitcoin, Bitcoin Cash, and Litecoin. However, until now, transferring these assets to external wallets and exchanges was not permitted.
"Users have been clamoring for this feature since we first launched crypto purchases on our platform,\" remarked Jose Fernandez da Ponte, PayPal's Senior Vice President and general manager of blockchain, crypto, and digital currencies.
This long-awaited feature allows customers to bring supported cryptocurrencies into PayPal and subsequently send them to external addresses such as MetaMask or hardware wallets. While users may incur network and sending fees for external transfers, there are no added costs when sending crypto to other PayPal users. According to PayPal, these external transactions are completed in mere seconds.
"Beginning today, PayPal enables the direct transfer of cryptocurrencies between its platform and other wallets or exchanges,\" stated da Ponte.
This new feature is currently available to a select group of U.S. users, with plans to roll it out to all eligible U.S. customers within the next two weeks.
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