To meet customer demand, PayPal eventually allowed its users to transfer cryptocurrencies from their accounts to other exchange platforms and wallets.
The feature begins available on Tuesday for select U.S. users and will be rolled out to all eligible U.S. customers in the next few weeks.
The first groups of cryptocurrencies supported are Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).
Additionally, users who transfer their crypto to PayPal can spend via Checkout at millions of online businesses.
The payments giant has been granted a Bitlicense by the New York Department of Financial Services for the implementation.
Crypto transfers to recipients outside of PayPal will be charged a network fee based on their respective blockchain, but transfers between PayPal users are not subject to such fees.
To protect user privacy, the firm will generate a new recipient address for each transaction into someone’s PayPal account.
Meeting customers ’demand for the ability to transfer their crypto assets to different platforms is an inevitable move by a company if it does not want to be left behind in the adoption of crypto and rapidly evolving financial technologies.
