PayPal rolls out new feature to enable crypto transfers to external wallets, exchanges

Payments gateway company PayPal on Tuesday rolled out a new feature to allow users to transfer crypto to other PayPal wallets and external crypto wallets.

PayPal, which acquired a full Bitlicense from the New York Department of Financial Services for the conduct, will allow users to conveniently transfer cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) to PayPal and other exchanges and wallets.

Earlier, in October 2020, the payment gateway had launched a feature to buy and sell crypto on its platform.

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At present, the feature will be available for selected users in the United States, and it will be available to all eligible US customers in the next few months.

In order to venture into the digital realm, the payment giant plans to launch central bank digital currencies (CBDCs). It is also considering the launch of its stablecoin called PayPal Coin.

Founded in 1998, the US-based financial technology service provider PayPal confirmed in its 2018 annual report that the company had 286 million active user accounts and had facilitated 9.9 billion payments.

In February 2017, PayPal launched its first peer-to-peer payment system, thus establishing its mark in the emerging P2P marketplace.