“This move shows we’re in this for the long term,” Fernandez da Ponte added. Giving its customers the ability to move their crypto assets - such as bitcoin, ethereum, bitcoin cash or litecoin - into, outside of and within PayPal is a move that the company could not avoid if it wanted to keep up with the continued crypto adoption and not be at risk for being viewed as behind the times in a fast-changing fintech landscape.Īnd despite the recent turbulence in the crypto space, Fernandez da Ponte said that PayPal is moving in this direction “as people are adopting cryptocurrencies.” We are enabling connectivity to other wallets, exchanges and applications.” “We see ourselves as a conduit between the fiat, or traditional finance, environment and the web3 environment. “This is a natural conversion for our users who want to do more with their digital assets,” Fernandez da Ponte told TechCrunch this week. At Consensus last year, Fernandez da Ponte confirmed that offering its users the ability to transfer would be next. 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. 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.
PayPal gave its users the ability to buy, sell and hold crypto in October of 2020.
“They can also send crypto to anyone who is in the PayPal system.” “If users have crypto somewhere else and want to consolidate, they can bring it to PayPal from external addresses,” Fernandez da Ponte. Internal transfers - PayPal to PayPal - have no fees. The new functionality will allow PayPal customers to transfer supported coins into PayPal, move crypto from its app to external crypto addresses including exchanges and hardware wallets and send crypto to other PayPal users “in seconds.”Ĭustomers are responsible for network fees when they conduct external transfers, which depend on the blockchain and vary depending on the crypto asset. “This feature was the most demanded from our users since we began offering the purchase of crypto on our platform,” said Jose Fernandez da Ponte, SVP and general manager of blockchain, crypto and digital currencies at PayPal. However, the prices of such currencies have remained volatile, dimming their appeal as a hedge against inflation.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. Since last year, the crypto market has seen a surge of investor interest with large venture investors, celebrities and blue-chip companies doubling down on crypto investments. Shares of the company were up 0.3% at $87.08. Users had been requesting for the new feature since the company permitted buying and selling of crypto, PayPal said. But users were not allowed to move crypto holdings off its platform earlier.
PayPal started allowing customers to buy, sell and hold bitcoin, ethereum, bitcoin cash and litecoin in October 2020. customers in the coming months, the San Jose, California-based company said. users starting on Tuesday and will be rolled out to all eligible U.S. The feature will be available to select U.S. June 7 (Reuters) - PayPal Holdings Inc (PYPL.O) said on Tuesday it will now allow users to transfer cryptocurrencies including bitcoin to external wallets, nearly two years after the fintech giant opened up its platform to digital currencies.
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