BusinessWorld

PayPal allows cryptocurrency transfers to other wallets, exchanges

New York: PayPal said its users will be able to transfer digital coins from their accounts to other wallets and exchanges with immediate effect, enabling the payment service to become a broader part of the cryptocurrency trade.

“Starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges. This feature was the most demanded from our users since we began offering the purchase of crypto on our platform,” Jose Fernandez da Ponte, SVP and general manager of blockchain, crypto and digital currencies at PayPal, said in a statement.

The new functionality will allow PayPal customers to instantly transfer supported coins into PayPal and move cryptocurrency from its app to external addresses that include exchanges and hardware wallets, the company said.

Customers will be responsible for network fees when they conduct external transfers, depending on the blockchain and the crypto asset they use, PayPal said. Internal transfers, made from PayPal to PayPal accounts, will incur no fees.

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