PayPal Allows Crypto Transfer to External Wallet and Exchange

PayPal, the world's leading payment platform, launched a new feature that will allow users to transfer cryptocurrencies to external crypto addresses, including exchanges and hardware wallets.

PayPal started to support transactions of bitcoin, ethereum, bitcoin cash and litecoin in October 2020. However, transferring crypto assets off its platform were not permitted before.

According to PayPal, its customers had been asking the rollout of a cryptocurrency transfer feature ever since the company allowed cryptocurrency trading.

As Fazzaco reported previously, Jose Fernandez da Ponte, head of PayPal blockchain, revealed the company's plan to permit its clients withdraw their cryptocurrency to third party wallets​ as early as last May.

PayPal stated the new feature has been available to select users in the United States on June 7, and will be provided to all eligible U.S. users within a few months.

"We're excited to connect PayPal's customers to other wallets, exchanges, and applications, and we will continue to roll out additional crypto features, products, and services in the months ahead. We look forward to hearing more customer and community feedback as we enhance our digital currency capabilities." said Jose Fernandez.