PayPal Launches New Function To Transfer Cryptocurrency To Other Wallets

From today (June 8), the popular payment application PayPal will add a feature to transfer cryptocurrency to many other wallets and exchanges.

PayPal – one of the “big boys” in financial services – has finally allowed users to transfer digital assets to other wallets and exchanges. Notice of this function was made by PayPal on the evening of 07/06.

Since PayPal’s crypto buy, sell, and hold service went live in October 2020, there have been numerous offers to the company stating their desire for crypto-to-wallet and exchange functionality.

Jose Fernandez da Ponte – SVP and GM of blockchain, cryptocurrency and digital currency at PayPal said:

“Adding the ability to transfer, send and receive cryptocurrency is another step in the journey to building a more inclusive and efficient financial system. We are excited to connect our customers with other wallets, exchanges and apps. We will continue to roll out even more useful features, products and services in the coming months.”

By the end of 2020, PayPal has allowed users to trade 4 cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash and Litecoin. However, at that time, users could not transfer digital assets to other wallet addresses such as Metamask, Coinbase or hardware wallets.

In the following period, PayPal showed efforts to provide more services to the crypto community, such as launching the remittance feature to Venmo e-wallet in Q1 2021. service “Checkout with Crypto” support for crypto payments even made Coinbase assist customers with purchasing crypto through PayPal.

Recalling CoinDesk’s Consensus 2021 Conference last May, senior management at PayPal confirmed that the company is about to allow customers to withdraw crypto from the app, although no specific launch date has been set.

See more: PayPal CEO Positive Comments on Crypto Futures

PayPal is known for its steadfast stance and strong belief in the future of cryptocurrency. Dan Schulman – PayPal CEO – stated that they are ready to “double down” on crypto investments by 2021 and expand their services in the UK in the near future.