After granting the ability to buy and sell crypto on its platform, PayPal is now allowing users to natively transfer, send and receive digital assets between PayPal and other wallets and exchanges.
The feature is available to select U.S. users, with the feature expanding to all eligible U.S. users in the coming weeks. The first batch of supported coins consists of Bitcoin, Ethereum , Bitcoin Cash and Litecoin .
Customers who transfer their crypto onto PayPal can spend it via Checkout at millions of merchant terminals. The company has been granted a full Bitlicense by the New York Department of Financial Services for the conduct.
Users would simply need to log in to their accounts and enter the crypto section of the application to start transferring transfer coins. Users are generally required to complete a one-time ID verification before the procedure.
Crypto transfers to recipients outside of PayPal would incur a network fee based on their respective blockchains, but transfers between PayPal users will not incur such fees.
