Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
PayPal Finally Allows Users to Transfer Crypto to Other Wallets and Exchanges
TechCrunch | Mary Ann Azevedo | Jun 7, 2022
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
PayPal is Exploring the Launch of its own Stablecoin
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. If you are looking to provide crypto services to your existing customer base, you should consider working with a crypto marketing agency to help your team navigate without any missteps.
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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