PayPal has added a new feature that allows crypto to be withdrawn to external wallets.
A select group of customers in the U.S. will be able to test the new feature first, according to PayPal’s crypto vice president. The company says it is the most anticipated improvement for users.
PayPal is working to expand its cryptocurrency services, including adding support for Bitcoin Cash and Ethereum Classic.
When PayPal started selling cryptocurrency, “This feature was the most demanded from our users since we began offering the purchase of crypto on our platform,” said Jose Fernandez da Ponte, SVP and general manager of blockchain, crypto, and digital currencies at PayPal.
Coins that are supported by the service may be transferred to and from it “in seconds,” as well as transferred from its app to external crypto addresses like exchanges and hardware wallets.
For external transfers, customers are liable for network costs, which rely on the blockchain and vary according to the cryptocurrency asset. There are no fees for transfers made from one PayPal account to another.
In October of 2020, PayPal began allowing its customers to purchase, trade, and keep cryptocurrency. Checkout with Crypto was launched by PayPal in late March of 2021, allowing customers to use bitcoin to pay for goods and services at more than a million online merchants.
Aside from its recent purchase of Curv, PayPal has also partnered with Paxos to power its service that lets users buy, trade, and store various cryptocurrencies. PayPal has already made significant investments in the cryptocurrency sector via these and other means.
As recently as last year, Fernandez da Ponte said that allowing customers to transfer money was on the horizon. Also, he told TechCrunch this week that “this is a logical conversion for our consumers who want to do more with their digital assets… In this way, we consider ourselves as a link between the established financial world of fiat and the emerging world of web 3.”
Wallet, exchange, and application integration are now possible.