PayPal announced today that its users will now be able to transfer cryptocurrency from their accounts to other wallets and exchanges.
“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.
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.”
Customers are responsible for network fees when they conduct external transfers, which depend on the blockchain and vary depending on the crypto asset. Internal transfers — PayPal to PayPal — have no fees.