After implementing the ability to buy and sell cryptocurrencies on its platform in October 2020, PayPal has finally allowed users the ability to send and receive digital assets between PayPal and wallets and other exchanges.
As of Tuesday, the feature is available to select US users, with the feature expanding to all eligible US users in the coming weeks. Some of the first supported coins include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).
Additionally, customers who transfer their crypto to PayPal can spend via Checkout at millions of merchant terminals. The company has been fully licensed by the New York Department of Financial Services for this purpose.
Users simply need to log in to their account and enter the crypto portion of the app to initiate the transfer. The app will ask them to complete a one-time ID verification before making the transfer.
Electronic transfers to recipients outside of PayPal will incur network fees based on their respective blockchains, but transfers between PayPal users will not incur such fees.
The company is also working to integrate other forms of cryptocurrency services, such as central bank digital currencies, to strengthen its digital footprint. They are also looking into the possibility of launching their own stablecoin, dubbed “PayPal Coin,” The discovery comes after a developer found evidence of a stablecoin in the source code of the company’s iPhone app.