PayPal gave its users the ability to buy, sell and hold crypto in October of 2020. In late March of 2021, PayPal announced the launch of “Checkout with Crypto” a feature that allowed consumers to check out at millions of online businesses using cryptocurrency.
The newest functionality – announced at the Consensus Conference in Austin – will allow users to transfer supported coins into PayPal, and move crypto from PayPal to external crypto addresses. This will include multiple exchanges and hardware wallets. Users will also be able to send crypto to other PayPal members “in seconds”.
PayPal stressed that customers are responsible for network fees when they conduct external transfers. This will depend on the blockchain as well as the type of crypto assets being transferred. But internal transfers from PayPal to PayPal will have no fees.
That feature expands on PayPal’s current investments in the cryptocurrency market. This includes its partnership with Paxos and its acquisition of cryptocurrency security startup Curv. They also revealed an upcoming partnership with GameStop for “Best Friends Day”.
