PayPal has given into customer demand, announcing that users will finally be able to transfer their cryptoassets from their account to external wallets and exchanges.
According to a report by TechCrunch, PayPal has announced that users can now transfer their crypto outside of their PayPal account. Jose Fernandez da Ponte, SVP and general manager of blockchain, crypto and digital currencies at PayPal, said that the feature was the “most demanded” from users since they began offering crypto services on the platform.
The report claims PayPal customers will now be able to transfer their supported cryptoassets to external wallet addresses, including other exchanges. The transfer will reportedly happen “in seconds.” Users are still responsible for network fees on transfers, which will vary depending upon the cryptoasset they send. Internal transfers between PayPal addresses will have no associated fees.
PayPal initially offered users the ability to buy, sell and store crypto in October 2020, before expanding the service in March 2021 with the launch of Checkout with Crypto. The feature allows PayPal users to pay with crypto for online merchants that support digital assets.
Fernandez da Ponte told TechCrunch,
This is a natural conversion for our users who want to do more with their digital assets.
The PayPal executive continued, saying that the company views itself as a “conduit” between the traditional finance environment of fiat and the highly anticipated Web3 environment. He indicated that the move to allow crypto transfers to external wallets was a signal that PayPal was in the industry “for the long term.”
It is also worth mentioning that the TechCrunch report pointed out that “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.”