PayPal payment service provider has been allowing the purchase, sale and retention of Bitcoin and some other digital assets from October 2020. Until now, however, the cryptocurrencies could not be withdrawn from your self-managed wallet or transferred from the wallet this to your PayPal account. That should change now.
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PayPal allows wholesale crypto transfers
PayPal, one of the world’s largest payment service providers, is taking the next step and will allow in the future a comprehensive transfer of crypto assets into and out of its ecosystem. This effectively makes PayPal one of the largest crypto wallets – a bullish development for Bitcoin and digital assets in general.
Specifically, PayPal wants to allow the future transfer of cryptocurrencies Bitcoin, Ethereum, Litecoin and Bitcoin Cash. The euphoric team on Twitter:
“We are pleased to announce that PayPal will now support the transfer of cryptocurrencies between PayPal and other wallets and exchanges. This feature will be rolled out to all eligible US customers in the coming weeks. ”
We are pleased to announce that PayPal will begin supporting the transfer of cryptocurrencies between PayPal and other wallets and exchanges. This feature is being rolled out to all eligible US customers in the coming weeks. More info: https://t.co/PelvFv7eRW pic.twitter.com/YkzPOV7teq
– PayPal (@PayPal) June 7, 2022
As mentioned at the outset, PayPal has been allowing its users to buy and sell Bitcoin, Ethereum, Litecoin and Bitcoin Cash on PayPal since the end of 2020. However, the funds could not be transferred. In order to move the capital out of the PayPal ecosystem, it was always necessary to convert it into fiat money.
PayPal will provide these encryption functions in the future
Currently: Starting now, some users in the US will be able to send and receive cryptocurrencies, with plans to roll out the feature to all PayPal customers in the States in the coming weeks. That’s not all – PayPal users can now enjoy the following functions:
- Transfer the quoted cryptocurrencies to PayPal
- Send cryptocurrencies from PayPal to your own external crypto wallet
- Send cryptocurrencies to family and friends via PayPal instantly with no fees or network costs. In the future, PayPal customers will not only be able to send fiat money to family and friends, but also transfer Bitcoin from one account to another – for free
Analysts accept that the move will introduce multiple users to cryptocurrencies. For example, users who were reluctant to set up an account with a crypto exchange.
This is important because more than 350 million people worldwide use PayPal. In addition, the portal is increasingly being used by merchants as a payment platform.
Consumers who have not yet been exposed to cryptocurrencies can use a well-known and trusted point of contact.
PayPal: Bullish in the bear market
Industry watchers are very positively welcoming PayPal’s crypto push. Many people point out that positioning yourself in the middle of a bear market and integrating cryptocurrencies into the established ecosystem is a special statement.
For example, Alex Gladstein says:
“It’s nice and important that the well – known fintech giant empowers users [Bitcoin] buy or acquire and then withdraw into their own wallets. ”
No one should be buying Bitcoin on PayPal ** but ** it’s nice and significant that the brand – name fintech giant is allowing users to buy or acquire and then withdraw to their own wallets.
At this point you like to see the steps of the industry in the right direction, not backward 👌
– Alex Gladstein ⚡ ⚡ (@gladstein) June 7, 2022
PayPal also states:
“PayPal has also received a full bit license from the New York Department of Financial Services (NYDFS), becoming the first company to convert a conditional bit license into a full bit license.”
This, according to the company, reflects “our commitment to responsible innovation and expanding the accessibility and usability of digital currencies while fully adhering to regulatory guidelines and best practices.”
The transfer, launch and acquisition of cryptocurrencies is another step “on our way to a more comprehensive and efficient financial system”.
The ability for PayPal customers to transfer Bitcoin, Ethereum, Bitcoin Cash or Litecoin crypto assets inside and outside the PayPal platform, reflect the “continuous evolution of our world-class platform” and enable customers to interact with the wider crypto ecosystem.
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Last updated June 8, 2022
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