After almost two years of offering support for certain digital currencies on its platform, PayPal has made the <a href="https://newsroom.paypal-corp.com/2022-06-07-PayPal-Users-Can-Now-Transfer-Send-and-Receive-Bitcoin-Ethereum-Bitcoin-Cash-and-Litecoin">announcement </a>that it will now enable users to receive and transfer crypto like Bitcoin, Ethereum, Bitcoin Cash, and Litecoin between wallets and other exchanges.

[embed]https://twitter.com/PayPal/status/1534245543852924930[/embed]

This will help select users in the United States to transfer cryptocurrency holdings from their PayPal accounts to external addresses such as hardware wallets and crypto exchanges. Within the next several weeks, the feature will be made accessible to all users in the United States. Since the company first started allowing users to purchase and trade cryptocurrencies, users have been asking for the new functionality to be included. Users were able to buy select cryptocurrencies in the past, but their usage was restricted to the PayPal platform, and they were unable to send to addresses outside of <a href="https://www.cryptoknowmics.com/news/paypal-all-set-to-embrace-all-services-in-crypto-and-blockchain/">PayPal</a>. According to a statement made by PayPal, this announcement reflects the continuing evolution of their best-in-class platform and enables customers to interact with the broader crypto ecosystem.
<h2><strong>Full New York Bitlicense</strong></h2>
Additionally, PayPal disclosed that it has been awarded a complete Bitlicense by the New York Department of Financial Services (NYDFS). Owing to the fact that the company only possessed a conditional Bitlicense, it was restricted in the kinds of virtual currency activities it could offer in the state of New York. Now that it has a full license, PayPal will be allowed to fully engage in business activities involving virtual currencies in the state. Customers will also have the capacity to send cryptocurrencies into their PayPal accounts, where they can be spent at Checkout on products sold by millions of merchants.

PayPal Now Supports Crypto Transfer To External Wallets

After almost two years of supporting digital currencies, PayPal now offers support for transfer of crypto to external wallets

Kay is a content specialist who has a particular interest in the finance and cryptocurrency industries, among others. He is a frequent contributor to a number of finance and cryptocurrency-related websites, where he offers readers with informative and educational articles on the cryptocurrency and financial markets. Aside from that, he is an avid supporter of blockchain technology.

PayPal Now Supports Crypto Transfer To External Wallets

Top Picks