In response to customer demand, PayPal today announced that it will allow users to transfer cryptocurrencies from their accounts to other wallets or exchanges Jose Fernandez Da Ponte, senior vice president and general manager of blockchain, cryptocurrency and digital currency of PayPal, said: "since our platform provides the purchase of cryptocurrency, our users most need this function.".
The new feature will allow PayPal customers to transfer supported coins to PayPal, transfer encryption from their applications to external encrypted addresses, including exchanges and hardware wallets, and send encryption to other PayPal users "in a few seconds".
Customers are responsible for paying network fees when making external transfers, which depends on the blockchain and varies according to the encrypted assets. There is no charge for internal transfer (from PayPal to PayPal).
Fernandez Da Ponte said: "if users have cryptocurrencies elsewhere and want to integrate, they can bring them to PayPal from an external address. They can also send cryptocurrencies to anyone in the PayPal system.".
PayPal provided its users with the ability to buy, sell and hold cryptocurrencies in october2020. Then, in late March 2021, PayPal announced the launch of checkout with crypto, a feature that allows consumers to use cryptocurrencies to settle accounts in millions of online businesses.
Fernandez Da Ponte told techcrunch this week: "this is a natural shift for users who want to do more with their digital assets. We see ourselves as a conduit between the legal or traditional financial environment and the Web3 environment. We are connecting with other money packages, exchanges and applications.".