PayPal users have been able to send and receive cryptocurrencies such as Bitcoin, Ethereum and Co. for around two years. So far, however, this was only possible from one PayPal account to another. The payment service provider has now announced that users will also be able to transfer cryptocurrency to external wallets in the future.
PayPal opened up its platform and app to digital currencies around two years ago. Since then, users have been able to send and receive cryptocurrencies such as Bitcoin, Ethereum and Co. So far, however, this was only possible from one PayPal account to another.
The payment service provider has now announced in an official statement that its users will also be able to transfer cryptocurrencies to external wallets in the future. The function has been available to selected users in the USA since June 8, 2022.
Bitcoin and Co.: PayPal activates the transfer function for external wallets
In the coming weeks and months, however, all users in the USA should be able to transfer cryptocurrency to external wallets. According to PayPal, this applies to all digital currencies that are already supported. These include Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
As the payment provider announced, the feature goes back to the request of its users: “This function has been repeatedly cited by users as one of the most frequently requested improvements since we have been offering the purchase of cryptocurrencies via our platform.”
Will the function also come to Germany?
The company has also introduced an additional identity verification procedure to ensure that only authorized persons make transfers. It is currently unclear whether and when the function will also come to Germany and Europe. However, it is considered normal for PayPal to first test and roll out new features in its home market of the United States.
Many features will then also spill over to Europe. PayPal is also increasingly focusing on digital currencies such as Bitcoin. For example, in early January 2022, reports emerged that the payment provider was working on its own cryptocurrency.