PayPal announces that its users can now transfer, send and receive Bitcoin, Ethereum, Bitcoin Cash and Litecoin

Wednesday, June 8, 2022 ((rezonodwes.com))–

The American company offering payment services worldwide, PayPal, announced that starting today it supports native transfer of cryptocurrencies between PayPal and other wallets and exchanges. This feature has consistently been rated by users as one of the most requested enhancements since we started offering crypto purchases on our platform.

Available this June 7, 2022 to select US users and rolling out to all eligible US customers in the coming weeks, this new feature allows PayPal customers to:

  1. Transfer supported coins into PayPal.
  2. Move crypto from PayPal to external crypto addresses, including exchanges and hardware wallets.
  3. Send crypto to family and friends on PayPal in seconds, with no fees or network fees to send or receive.

Allowing PayPal customers to move their crypto assets (Bitcoin, Ethereum, Bitcoin Cash or Litecoin) into, out of, and within our PayPal platform reflects the continued evolution of our industry-leading platform and enables customers to interact with the wider crypto ecosystem. Customers who transfer their crypto to PayPal can extend the usefulness of their crypto by spending using our Checkout with Crypto product at millions of merchants, the statement dated June 7, 2022 reads.

PayPal also obtained a full Bitlicense from the New York Department of Financial Services (NYDFS) – becoming the first company to convert a conditional Bitlicense to a full Bitlicense – signaling our commitment to responsible innovation and the expansion of accessibility and usefulness of digital currencies while fully complying with regulatory guidelines and best practices. Adding the ability to transfer, send, and receive cryptocurrencies is another step in our journey to building a more inclusive and efficient, informed PayPal financial system.

In the press release announcing this good news to PayPal users, it is written as follows:

We’re excited to connect PayPal customers to other wallets, exchanges, and apps, and we’ll continue to roll out additional crypto features, products, and services in the coming months. We look forward to hearing more customer and community feedback as we improve our digital currency capabilities.

Below is a step-by-step guide to using our crypto transfer feature. To ensure that transfers are not made without authorization, PayPal has also implemented an additional identity verification process, which is also described below.

Transferring Crypto to PayPal from an External Wallet or Exchange

Once logged into PayPal, enter the crypto section of your app and choose the coin you wish to transfer.

Click or tap the transfer button, which looks like: , then select “Receive”.

Complete any additional identity verification steps. This process is typically only required once per user.

Share the unique address with the sender or enter it into the third-party crypto app you’re sending from. We recommend using the QR code or directly copying and pasting the address to avoid errors. If you enter the address manually, please check that it is correct. Neither PayPal nor your sender will be able to retrieve coins sent to an incorrectly entered address.

The wallet address is created only for the coin you selected, not for your PayPal account. To help protect your privacy, we generate a new “receiving” address each time you want to send crypto to your account. PayPal does not charge fees to transfer crypto to PayPal, but network and sender fees may apply. Processing times vary.

Crypto transfer to PayPal

Move crypto to an external wallet or exchange

Once logged into PayPal, enter the crypto section of your app and choose the coin you wish to transfer.

Click or tap the transfer button and select “Send” to transfer the crypto to another unique crypto address.

Complete any additional identity verification steps. This process is typically only required once per user.

You will need to enter an external crypto address if you wish to transfer cryptocurrency out of your account. Copy and paste an address, enter it manually, or scan a QR code by tapping the QR code button to the right of the search field.

Remember: Crypto transfers are final and cannot be undone. Check the destination address carefully and make sure the destination address is of the same type (Bitcoin, Ethereum, Bitcoin Cash or Litecoin) as the coins you are sending. Take special care when sending crypto to unknown addresses.

Fees: Sending cryptocurrency outside of PayPal will incur network fees, also known as Blockchain network fees. These are not PayPal fees. These charges are generated based on network congestion and other factors and may fluctuate. PayPal will provide an estimate of your network charges on the confirmation screen. Sending or receiving cryptocurrency to other users on PayPal will not incur network charges.

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PayPal announces that its users can now transfer, send and receive Bitcoin, Ethereum, Bitcoin Cash and Litecoin


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