We are enabling connectivity to other wallets, exchanges and applications.” “We see ourselves as a conduit between the fiat, or traditional finance, environment and the web3 environment. “This is a natural conversion for our users who want to do more with their digital assets,” Fernandez da Ponte told TechCrunch this week. At Consensus last year, Fernandez da Ponte confirmed that offering its users the ability to transfer would be next. That feature expanded on PayPal’s current investments in the cryptocurrency market, which include its partnership with Paxos to power its service that allows customers to buy, sell and hold a range of cryptocurrencies and its acquisition of cryptocurrency security startup Curv. Then, in late March of 2021, PayPal announced the launch of Checkout with Crypto, a feature that allowed consumers to check out at millions of online businesses using cryptocurrency. PayPal gave its users the ability to buy, sell and hold crypto in October of 2020.
“They can also send crypto to anyone who is in the PayPal system.” “If users have crypto somewhere else and want to consolidate, they can bring it to PayPal from external addresses,” Fernandez da Ponte. Internal transfers - PayPal to PayPal - have no fees. The new functionality will allow PayPal customers to transfer supported coins into PayPal, move crypto from its app to external crypto addresses including exchanges and hardware wallets and send crypto to other PayPal users “in seconds.”Ĭustomers are responsible for network fees when they conduct external transfers, which depend on the blockchain and vary depending on the crypto asset. “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.
In response to customer demand, PayPal announced today that its users will now be able to transfer cryptocurrency from their accounts to other wallets and exchanges.