Important takeaways
PayPal users can now deposit and withdraw cryptocurrency from their personal wallets.
The convenience has long been anticipated; company executives have been discussing it for at least a year.
PayPal launched limited cryptocurrency trading in October 2020, followed by commercial cryptocurrency payments in March 2021.
PayPal customers can now move cryptocurrencies to and from their personal wallets, according to the company.
PayPal now accepts cryptocurrency withdrawals and deposits.
PayPal announced today, June 7, that it will offer "native transfer of cryptocurrencies between PayPal and other wallets and exchanges."
The feature "consistently rates as one of the most requested upgrades by users" to its cryptocurrency services, according to the company.
Users can now withdraw cryptocurrency to crypto addresses, third-party exchanges, and hardware wallets. Furthermore, the new functionality allows users to deposit cryptocurrency into their PayPal accounts and send cryptocurrency to friends and family.
These features are available for the following PayPal-supported assets: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
The feature will initially be provided to a limited number of users in the United States before being made available to all US consumers in the future.
Steps Towards Complete Crypto Support
PayPal launched a cryptocurrency trading service in October 2020, but users initially had few options other than swapping different coins. These restrictions drew significant criticism.
From March 2021, customers will be able to spend their cryptocurrency with PayPal-accepting retailers. However, with the introduction of commercial payments, users were unable to withdraw monies from personal wallets.
Individual cryptocurrency withdrawals were still anticipated. The functionality is now scheduled to be available for at least a year, with PayPal executives discussing its inclusion beginning in May 2021.
Other retail financial businesses have followed suit, gradually embracing cryptocurrencies. Despite the fact that it has enabled crypto trading since 2018, Robinhood did not begin allowing bitcoin withdrawals until this year.
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