PayPal users can now send cryptocurrencies to external wallets

PayPal users will be able to transfer cryptocurrency between external wallets and exchanges.

PayPal now allows users to withdraw crypto to external wallets
PayPal | Image: Optimisus

On June 7, PayPal Holdings Inc. stated that its users can now send Bitcoin, Ethereum, Bitcoin Cash, and Litecoin to other exchanges and wallets.

According to the press release, the update was made in response to popular demand since the platform began offering the four crypto assets in October 2020.

"This is truly about access and utility," said Jose Fernandez da Ponte, senior vice president and general manager of PayPal's blockchain, crypto, and digital currencies division. We're making it a lot easier to move cryptocurrency around."

Users will be able to transfer supported coins not just into PayPal and other external wallets and exchanges, but also to family and friends, thanks to the expanded usefulness.

"Customers who move their crypto into PayPal can extend the utility of their crypto by spending it using our Checkout with Crypto offering at millions of retailers," Fernandez da Ponte adds.

More so, the corporation also stated that the service is currently available to a limited number of US consumers and will be rolled out to all qualified US clients in the following weeks.

The news comes on the heels of PayPal's announcement that the New York Department of Financial Services has awarded it a BitLicense. A BitLicense enables a business to engage in Virtual Currency Business Activities.

PayPal is also the first corporation to convert a conditional Bitlicense into a full Bitlicense, according to the company.

Additionally, PayPal confirmed in its quarterly results in November 2021 that it aims to expand its cryptocurrency operations.