PayPal users can now transfer, send and receive cryptocurrencies
PayPal, a financial services company, has engaged customers to send, receive and transfer cryptocurrencies between wallets and exchanges,
In a press release of the company PayPal stated: “We are pleased to announce that starting today PayPal will support the native transfer of cryptocurrencies between PayPal and other wallets and exchanges. This feature has consistently been ranked by users as one of the most requested improvements since we started offering the purchase of cryptocurrencies on our platform.
This new functionality is now available to select US users and will be rolled out to all eligible US customers starting today. This new functionality allows PayPal customers to:
Transfer supported coins to PayPal. Move cryptocurrency from PayPal to external crypto addresses, including exchanges and hardware wallets. Send crypto to family and friends on PayPal in seconds, with no fees or network charges to send or receive.
Providing PayPal customers with the flexibility to move their Cryptocurrencies assets (Bitcoin, Ethereum, Bitcoin Cash or Litecoin) to, outside and within our PayPal platform reflects the ongoing evolution of our best-in-class platform and allows customers to to interact with the wider crypto ecosystem. Customers transferring their crypto to PayPal can increase the usefulness of their crypto by using our Checkout with Crypto product with millions of merchants.
PayPal has also been awarded a full Bit License by the New York Department of Financial Services (NYDFS) – becoming the first company to convert a conditional Bit License into a full Bit License – signifying our commitment to responsible innovation and expanding accessibility and usability of digital currencies while fully compliant with regulatory guidelines and best practices. Adding the ability to transfer, send and receive cryptocurrencies is another step in our journey towards building a more inclusive and effective financial system.
We are excited to connect PayPal customers to other wallets, exchanges and applications, and we will continue to roll out additional crypto features, products and services in the coming months. We look forward to hearing more feedback from customers and the community 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.
Transfer crypto to PayPal from a third-party wallet or exchange; After logging into PayPal, enter the crypto portion of your application and choose the coin you wish to transfer. Click or tap the transfer button, then select “Receive.” Complete any additional steps for ID verification. This process is generally only needed once per user. Share the unique address with the sender or enter it into the third-party crypto app you are sending from. We recommend using the QR code or cutting and pasting the address directly to avoid mistakes. If you enter the address manually, double check that it is correct. Neither PayPal nor your sender can recover coins sent to a mistyped address.
The wallet address will only be created for the coin you selected, not for your PayPal account. To protect your privacy, we generate a new “Receipt” address every time you want to send crypto to your account. PayPal does not charge a fee for transferring crypto to PayPal, but network and shipping charges may apply. Processing times vary.
Moving crypto to an external wallet or exchange; After logging into PayPal, enter the crypto portion of your application and choose the coin you wish to transfer. Click or tap the transfer button and select “Send” to transfer crypto to another unique crypto address. Complete any additional steps for ID verification. This process is generally only needed once per user. You must enter an external crypto address if you want to transfer cryptocurrency from 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 box.
Remember: Crypto transfers are final and cannot be reversed. Please check the destination address carefully and make sure that the destination address is the same type (Bitcoin, Ethereum, Bitcoin Cash or Litecoin) as the coins you are sending. Be especially careful when sending crypto to unknown addresses.
Fees: Sending cryptocurrency outside of PayPal incurs a network fee, also known as the Blockchain network fee. These are not PayPal fees. This fee is generated depending on network congestion and other factors and may fluctuate. PayPal will provide an estimate of your network charges on the confirmation screen. There are no network fees charged for sending or receiving cryptocurrency to other users on PayPal.
Confirm the remote transfer. Sending and receiving crypto with other PayPal users; After logging in to PayPal, enter the crypto portion of your application and choose the coin you want to send. Click or tap the transfer button and select “Send”. Select the PayPal contact you want to send crypto to and confirm your free transfer. Recommended Articles:-
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