PayPal has announced in a press release that starting June 7, it will enable the transfer of cryptocurrencies between PayPal and other crypto wallets.
It is noted that this feature has consistently been ranked by users as one of the most requested improvements to its crypto services.
The new option allows users to withdraw cryptocurrencies to digital wallets, crypto exchanges, and hardware wallets. Additionally, the new feature enables users to deposit crypto into their PayPal account and send crypto to friends and family.
These options apply to the cryptocurrencies supported by PayPal: bitcoin, ethereum, bitcoin cash, and litecoin.
The feature will initially be available to selected users in the U.S. and will be expanded to all American users in the coming weeks.
Small Steps Towards Full Crypto Support
PayPal began offering the crypto trading feature in October 2020, but initially provided users with few options beyond exchanging cryptocurrencies. These limitations drew numerous criticisms.
The company later allowed users to spend their cryptocurrencies with merchants that accept PayPal starting in March 2021. However, the introduction of commercial payments did not allow users to withdraw funds to a personal wallet.
Personal crypto withdrawals were, however, expected in the end. The feature has been planned for at least a year, as PayPal executives discussed the addition since May 2021.
Other retail financial services have taken a similar gradual approach to full crypto support. Robinhood, in particular, only began offering crypto withdrawals this year despite supporting crypto trading since 2018.
