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PayPal said it is rolling out a feature that will allow U.S. users to transfer, send and receive bitcoin, ether, bitcoin cash and litecoin within and outside the PayPal ecosystem, The Wall Street Journal reported. With this new feature, users can send other PayPal users the applicable currency, said Jose Fernandez da Ponte, senior vice president of blockchain, cryptocurrencies and digital currencies at PayPal.
It is understood that PayPal began allowing customers to buy, sell and hold bitcoin, ethereum, bitcoin cash and litecoin in October 2020, but did not allow users to transfer crypto assets off its platform.
PayPal said it has been requesting a money transfer feature since allowing users to buy and sell cryptocurrencies. A new feature is now available that allows users to transfer and receive cryptocurrencies, including Bitcoin, within and outside the PayPal ecosystem. The feature is available to select U.S. users starting Tuesday, and will expand to all eligible U.S. customers in the coming months.
Jose Fernandez da Ponte, senior vice president and general manager of blockchain, cryptocurrency and digital currencies at PayPal, said: “Our users have requested this feature the most since we started offering cryptocurrency purchases on our platform. The new feature will allow PayPal customers to transfer supported cryptocurrencies to and from PayPal to external crypto addresses, including exchanges and hardware wallets.
Source: The Wall Street Journal
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