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PayPal Finally Allows Users to Transfer Crypto to Other Wallets and Exchanges

TechCrunch | Mary Ann Azevedo | Jun 7, 2022

PayPal crypto transfers - PayPal Finally Allows Users to Transfer Crypto to Other Wallets and Exchanges

In response to customer demand, PayPal announced today that its users will now be able to transfer cryptocurrency from their accounts to other wallets and exchanges, and send crypto to other PayPal users 'in seconds'.

The new functionality is only available to users in the U.S., and for security reasons, PayPal says it has implemented an additional identity verification process for users before they can transfer any crypto. The rollout will be a gradual one with select U.S. users being able to do so starting today, and with other “eligible” U.S. customers — those who complete the identity verification process — in the coming weeks.

See:  PayPal’s role in EU Antitrust complaint about Apple Wallet

Customers are responsible for network fees when they conduct external transfers, which depend on the blockchain and vary depending on the crypto asset. Internal transfers — PayPal to PayPal — have no fees.

Jose Fernandez da Ponte, SVP and general manager of blockchain, crypto and digital currencies at PayPal:

This is a natural conversion for our users who want to do more with their digital assets.  We see ourselves as a conduit between the fiat, or traditional finance, environment and the web3 environment. We are enabling connectivity to other wallets, exchanges and applications.

PayPal gave its users the ability to buy, sell and hold crypto in October of 2020. Then, in late March of 2021, PayPal announced the launch of Checkout with Crypto, a feature that allowed consumers to check out at millions of online businesses using cryptocurrency.

More:  PayPal is Exploring the Launch of its own Stablecoin

That feature expanded on PayPal’s current investments in the cryptocurrency market, which include its partnership with Paxos to power its service that allows customers to buy, sell and hold a range of cryptocurrencies and its acquisition of cryptocurrency security startup Curv. At Consensus last year, Fernandez da Ponte confirmed that offering its users the ability to transfer would be next.

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NCFA Jan 2018 resize - PayPal Finally Allows Users to Transfer Crypto to Other Wallets and ExchangesThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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