Based on feedback received and growing customer demand, PayPal recently announced that it would now allow its users to transfer their own cryptocurrency from their PayPal accounts to any other wallets or crypto exchanges.
This request was one of the most demanded since PayPal began offering the purchase of crypto on its well established platform.
Under the new process PayPal users can transfer crypto coins into PayPal and then send crypto via PayPal to other wallets, exchanges or even PayPal users all in moments.
Although there are no internal PayPal to PayPal surcharges or fees, externat crypto transfer will attract a fee that depends on many variables including the blockchain and type of coin. PayPal users can take this opportunity to consolidate their crypto into one place if they wish under PayPal’s new process.
It was back in October 2020 that PayPal first allowed its users to buy, sell and store crypto and then in March 2021 it launched the Checkout with Crypto process that allowed PayPal customers to use their PayPal crypto credential to check out at millions of worldwide online businesses.
As the fin-tech spectrum moves and grows, it was no longer feasible for PayPal to ignore the growing appetite and interest in crypto currencies such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), USD Coin (USDC) and Binance Coin (BNB).
As with all crypto currency transactions a great sense of security is important. PayPal must pay attention to maintaining strict security protocols in order to prevent intrusions and attacks from ransomware hackers and other external threats.
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The PayPal platform must also continuously educate and notify users on the best practices when it comes to buying, transferring and storing crypto currencies.
Web app development has also empowered crypto exchanges and wallets to offer their services and features to a wider international audience who are all interested in crypto.
As time moves on it is expected that PayPal will continue to add more wallets and exchanges onto its system in order to provide the best of choice to its loyal users.
Established in 1999, PayPal was purchased by Ebay in 2002 and then subsequently spun off as a separate publicly traded company in 2015. To date PayPal has millions of global users and is a verified and trusted method to make payments and transfer money across time zones.
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The importance of crypto is the convenience it offers to a global user base and because of its verifiable nature it offers to some extent a greater sense of security that is underwritten by the technology of blockchains.
Popular crypto coins are also widely accepted by millions of vendors around the world. This makes its popularity as a payment method increase.