PayPal adopts cryptocurrency transfers

PayPal has announced that its customers can now move cryptocurrency to and from their personal wallets. This capability applies to PayPal’s supported assets: Ethereum, Bitcoin Cash and Litecoin.

In its release, the US-based online payments service said it has been one of the “most requested” enhancements since it began offering the purchase of crypto in 2020, when it came under scrutiny from its users for its limitations, such as only offering users a handful of options beyond exchanging different coins.

In March 2021, the firm enabled users to spend their cryptocurrency with PayPal-accepting merchants, however, the introduction of commercial payments did not provide a way for users to withdraw funds to a personal wallet.

The new function will allow users to transfer supported coins into PayPal, move crypto to external crypto addresses and send crypto to family and friends with no fees or network charges. It is set to be rolled out to all eligible US customers in the coming weeks.

According to PayPal, adding the ability to transfer, send, and receive cryptocurrencies is “another step” in its journey to building a more “inclusive and effective” financial system.