PayPal users can now transfer, send and receive a range of crypto assets like Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. From June 8, 2022, PayPal will facilitate the transfer of crypto assets between PayPal and other wallets and exchanges. This has been a long-standing demand by crypto users, and now PayPal has started offering the purchase of crypto on its platform.
The facility will be available to US PayPal users from today, reports Reuters. The facility will be available to remaining US consumers in the coming days. The latest facilities will enable consumers 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.
The latest move by PayPal is an effort to evolve according to the changing environment. The latest endeavor will enable consumers to transfer their crypto assets and help consumers to interact with the broader crypto ecosystem. It will also help to widen the utility of their crypto assets by utilizing the Checkout with Crypto product with millions of merchants.
PayPal Obtains Full Bitlicense From The New York Department Of Financial Services (NYDFS)
PayPal has obtained the full Bitlicense from the New York Department of Financial Services (NYDFS). Thus it has become the first company to convert a conditional Bitlicense into a full Bitlicense. In a statement, PayPal has reiterated its motto of fully adhering to the regulatory guidelines and best practices. The latest endeavor is one more step to accountable innovation and intensifying the ease of access and usefulness of digital currencies. It is also a step toward building a more comprehensive and effective financial system.
PayPal Step-By-Step By Step Guide On Using Our Crypto Transfer Feature
- Once logged into PayPal, select the crypto section of your application and choose the coin you want to transfer.
- Click the transfers button, and select “Receive.”
- Complete additional ID verification steps. (Generally required once per user.)
- Share the unique address with the sender or input it into the third-party crypto app the user is sending from. We recommend you
- Use the QR code or cut and paste the address directly to avoid mistakes.