Top financial technology (Fintech) giant Paypal introduces yet another amazing feature.
This time around, PayPal users can now transfer their cryptocurrency to other available crypto wallets and exchanges. According to reports, the introduction of this feature is a result of popular demand. The launch of the new feature also further cements PayPal’s standing as a pro-crypto fintech company.
As previously stated, the new feature is in response to PayPal’s customers’ demand to be able to move their crypto assets to other exchanges and wallets. This was furthermore confirmed by Jose Fernandez da Ponte. Disclosing that, the recently launched feature was “[…] the most demanded from our users since we began offering the purchase of crypto on our platform.” The launch will further help to improve interoperability between PayPal and other top wallet platforms. Also, users will enjoy seamless, easier, and cost-effective transactions with the new feature.
Notably, Jose Fernandez da Ponte is the SVP and General Manager of all blockchain and crypto-related services at PayPal.
Users that bought or hold crypto on PayPal, can now withdraw directly to their external wallets!
This was the highest demanded feature by PayPal crypto users
It also has 400+ million customers overall!
— Altcoin Buzz (@Altcoinbuzzio) June 7, 2022
More on The Feature
The new feature will enable the seamless transfer of crypto in and out of PayPal’s wallet. This means that PayPal’s supported cryptocurrencies will be able to move in and out of its wallet app to other crypto addresses, exchanges, and wallets. Supported cryptos include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Also, these transactions will be time-effective basically taking place in seconds.
Users will, however, have to foot all network fees associated with their transactions. These fees are usually dependent on the blockchain network used. Token on the Ethereum network, for example, will require higher fees due to ETH scalability issues. Internal transfers, on the other hand, attract zero transaction fees. Internal transfers are token transfers between PayPal wallets.
Speaking on the announcement, Fernandez da Ponte also pointed out that “Users with crypto outside the Paypal ecosystem can now easily transfer their crypto into the PayPal ecosystem. Also adding that users “[…] can also send crypto to anyone who is in the PayPal system.” The feature was also made possible because of the fintech firm’s move from a “conditional” BitLicense to a “full” BitLicense.
We’re excited to announce that PayPal will begin supporting the transfer of cryptocurrencies between PayPal and other wallets and exchanges. This feature is rolling out to all eligible US customers in the coming weeks. Learn more: https://t.co/PelvFv7eRW pic.twitter.com/YkzPOV7teq
— PayPal (@PayPal) June 7, 2022
PayPal And The Crypto Space
PayPal began to show interest in the cryptocurrency space in 2020. The fintech company further introduced crypto trading features in October 2020. The launch of Checkout with Crypto follows in March 2021. Checkout with Crypto is a unique feature that allows customers to check out of e-commerce platforms using crypto. The launch of Checkout with Crypto was a huge success. The feature was also based on PayPal’s existing partnerships and investments in the crypto space. Last year, Fernandez da Ponte, announced the possibility of launching this feature. Revealing then that the feature was been demanded by PayPal users.
It is also important to note that the feature is currently only available to select US residents. Plans are, however, in place to steadily roll out the feature to other US users and ultimately to PayPal’s global customers.
In conclusion, amidst the current issues facing the crypto space, the launch of this feature is a welcome development. The feature also serves as a bridge between the fiat, crypto, and web 3.0 ecosystem. Facilitating interoperability and ensuring ease of transacting in the crypto space. This feature is also a pointer to PayPal’s continued hope in the crypto space. As Fernandez da Ponte puts it, “I think it’s important to stay the course and continue to invest in the space.”
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