Tech Giant PayPal Beefs Up Support for Bitcoin (BTC), Ethereum (ETH) and Two More Crypto Assets

Miscellaneous 01-Aug-2022

PayPal now allows select users to transfer Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) directly between the platform and external crypto addresses.

In a new statement, Jose Fernandez da Ponte, Paypal’s senior vice president and general manager for blockchain, crypto & digital currencies, says the payments giant is beefing up support for digital assets in response to customer demand.

“This feature has been consistently ranked by users as one of the most requested enhancements since we began offering the purchase of crypto on our platform.”

The added functionality allows users to transfer supported coins to Paypal, where tokens can be used to purchase from merchants using the platform’s Checkout with Crypto feature.

Users can also move digital assets to external addresses such as wallets, exchanges and apps. Users can send crypto to their family and friends within the platform without network charges and fees.

“Allowing PayPal customers the flexibility to move their crypto assets (Bitcoin, Ethereum, Bitcoin Cash, or Litecoin) into, outside of, and within our PayPal platform reflects the continuing evolution of our best-in-class platform and enables customers to interact with the broader crypto ecosystem.”

PayPal is rolling out the new feature to eligible US customers over the coming weeks. Da Ponte says that the company will continue to add new features, products and services to improve its crypto capabilities.

The press release also says the New York Department of Financial Services (NYDFS) has granted Paypal a full BitLicense, making it the first company with the conditional license to obtain a full one.

New York requires crypto firms to have a BitLicense to receive, store, issue or send digital assets. It can take years to obtain the license.