US customers can now transfer supported cryptocurrencies on and off Paypal, according to a recent announcement. This functionality has been one of the most requested features by the users since the company began supporting crypto.
Paypal debuts native crypto transfer
The online payment giant launched its crypto service in 2020, enabling its millions of users access to four major digital currencies – Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. However, users couldn’t transfer their assets to hardware wallets or exchanges at the time, as Paypal only supported buying, selling, and hodling.
But after a year in the making, the third-party crypto transfer support is finally rolling out to customers in the United State. Per the announcement, the new functionality is currently open to selected users but will be fully launched to all eligible US customers in the coming weeks.
Paypal said the transactions would incur no fees or network charges, given their crypto ambition is primarily for commerce and not to compete with exchanges.
The whole reason we’re in crypto is because we believe a substantial portion of commerce is going to move to digital currencies.General manager of blockchain and crypto, Jose Fernandez da Ponte.
Crypto for commerce
The payment giant has since shown a strong commitment to supporting and positioning for the great shift in commerce to crypto. The company recently received a full Bitlicense from the New York Department of Financial Services (NYDFS), making it the first company to convert a conditional Bitlicense into a full Bitlicense.
Earlier this year, Jose Fernandez revealed the company is also exploring options for creating a stablecoin and would work closely with relevant authorities whenever they decide to proceed with the plan. According to him, they have “not yet seen a stablecoin out there that is purpose-built for payments.” A stablecoin needs to support payments at scale with adequate security.