PayPal has finally enabled its users to deposit and withdraw cryptocurrencies to and from their personal wallets.
PayPal Users Can Now Withdraw Crypto
PayPal has recently announced that the firm now supports “the native transfer of cryptocurrencies between PayPal and other wallets and exchanges.” Users typically rank this feature among the most awaited enhancements to PayPal’s crypto services.
With the new feature, PayPal’s users can withdraw their cryptocurrencies to the crypto addresses, third-party exchanges, and hardware wallets. They can also deposit crypto into their accounts and send cryptocurrencies to their families and friends.
However, the digital assets presently supported are restricted to Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC). The feature will first be provided to some selected customers in the United States and then available to all customers in the next few weeks.
We’re excited to announce that PayPal will begin supporting the transfer of cryptocurrencies between PayPal and other wallets and exchanges. This feature is rolling out to all eligible US customers in the coming weeks. Learn more: https://t.co/PelvFv7eRW pic.twitter.com/YkzPOV7teq
— PayPal (@PayPal) June 7, 2022
PayPal’s Steps Toward Full Crypto Support
The firm first supported crypto trading in October 2020, but its users had few options beyond exchanging different digital assets. This limitation has come up against a lot of criticism.
Afterwards, PayPal enabled users to spend their coins with PayPal-accepting merchants in March 2021. However, the supported commercial payments failed to give users the option to withdraw their funds to personal wallets.
Therefore, it’s clear that the crypto withdrawal feature has long been expected. The firm must have planned for at least one year now, as PayPal executives first touched upon this feature in May 2021.
It’s worth noting that besides PayPal, other retail financial services have adopted a similar stance towards cryptocurrency support. For instance, Robinhood officially supported crypto withdrawals this year, though the firm has supported cryptocurrency trading since 2018.
