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In a blog post, paypal said that it will now support native transfer of cryptocurrencies between paypal and other portfolios and exchanges as a result of user demand.
The new functionality, to be rolled out to all eligible U.S. customers in the coming weeks, allows PayPal customers to:
- Transfer supported coins into PayPal
- Move crypto from PayPal to external crypto addresses including exchanges and hardware wallets
- Send crypto to family and friends on PayPal in seconds, with no fees or network charges to send or receive
PayPal also said it had been granted a full BitLicense by the New York Department of Financial Services (NYDFS), which reflects its commitment to crypto offerings.
Bitlicense is a crypto regulatory regime targeting VC operators in New York State, and is mandatory for all companies that hold client cryptography for them.
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According to PayPal, customers who transfer their crypto into PayPal can extend the utility of their crypto by spending using its ‘Checkout with Crypto’ product at millions of merchants outlets.
The supported currencies for the service so far are:
- Bitcoin
- Bitcoin Cash
- Ethereum
- LiteCoin
PayPal opened up its platform to enable users buy and hold cryptocurrencies in October 2020 resulting in a massive spike in the value and demand for bitcoin. In early March 2021, the company acquired the Digital Assets Security Firm, curv, in a deal expected to be worth $200 million.
One of paypal's biggest crypto efforts was the news in January 2022 that it was exploring the launch of a stablecoin called "paypal coin".’
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