PayPal users will be able to send, receive, and transfer bitcoins and other cryptocurrencies to external wallets and exchanges.
PayPal has enabled customers to send, receive and transfer bitcoins and other cryptocurrencies between wallets and exchanges, in a press release.
The financial services company noted in the statement that this feature has been the most consistently requested since it began allowing users to purchase bitcoins on the platform in 2020. Whether customers choose to send their bitcoins to an exchange, a hot wallet or a hardware wallet, these users will now have a choice.
“Allowing PayPal Customers to Move Their Crypto Assets [bitcoin et autres crypto-monnaies] into, out of, and within our PayPal platform reflects the continued evolution of our best-in-class platform and allows customers to interact with the broader crypto ecosystem“said Jose Fernandez da Ponte, Senior Vice President and General Manager.
PayPal also said it had obtained a BitLicense, a New York requirement for businesses focused on bitcoin and other cryptocurrencies, making the company the first to convert a conditional BitLicense to a permanent license. Fernandez da Ponte detailed the company’s ambitions with the license in an interview:
“The reason we are in crypto is that we believe a substantial portion of commerce is going to shift to digital currencies.”
The focus on trading, rather than operating as an exchange, allows PayPal to operate without the fees associated with bitcoin transactions. Rather than being a central exchange, PayPal seeks to scale commerce using tools like Checkout With Crypto, which allows users to interact with millions of merchants around the world using bitcoins.