After introducing the ability to buy and sell cryptocurrencies on its platform in October 2020, PayPal finally gave users the ability to transfer, send, and receive digital assets between PayPal and other wallets and exchanges. .
As of Tuesday, the feature will be available to select users in the US, with the feature expanding to all eligible US users in the coming weeks, Cowen said. Telegraph.
The first batch of supported coins consists of Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).
In addition, customers who transfer their cryptocurrency to PayPal can spend it via Checkout at millions of merchant terminals. The company has been granted a full BitLicense license by the New York Department of Financial Services to operate.
Users will simply need to log into their account and enter the Cryptocurrency section of the app to start transferring the transferred coins. Users are generally required to complete a one-time identity verification prior to the procedure.
Cryptocurrency transfers to recipients outside of PayPal will incur network fees based on their blockchains, but transfers between PayPal users will not incur such fees. To protect users' privacy, the Company creates a new recipient address for each transaction in an individual's PayPal account. PayPal will also not charge fees for incoming transfers,
The company is also integrating other forms of cryptocurrency services, such as central bank digital currencies, to enhance its digital footprint. It is also exploring the possibility of launching its own stablecoin, called PayPal Coin.
This discovery came after a developer found evidence of such a stablecoin within the company's iPhone app source code.
