PayPal Finally Allows Users to Transfer Crypto to Other Exchanges

PayPal announced earlier this week the release of a highly anticipated feature many crypto enthusiasts have been asking for. The ability to transfer cryptocurrency bought on PayPal to other platforms, bringing them more in line with others in the industry.

"Starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges," the financial giant said in a statement.

The feature is being slowly rolled out over the course of a couple of weeks and will be available to all users in the United States.

PayPal started to offer crypto services in 2020, giving users the ability to buy, sell, and hold four assets: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, but once bought you could not move them off to other exchanges like Coinbase or Gemini.

This news should not be taken with a grain of salt as Paypal Is the parent company of Venmo, which is utilized by millions of people every day. With more businesses beginning to use it as a payment platform, crypto’s outreach will only grow.

Due to recent events in the industry, as well as a bad spell for the company's stock price, one would believe that PayPal would be looking to slow down its crypto outreach, but this is contrary to the firm's plans according to the company's SVP of blockchain and crypto.

"The whole reason we're in crypto is because we believe a substantial portion of commerce is going to move to digital currencies," said Jose Fernandez da Ponte, in an interview with Decrypt.

He went on to say the reasoning behind the company's refusal to charge for transactions. They see their place in crypto as a commerce business, not as an exchange. Da Ponte also added the fact that his employers were very keen on more countries adopting stablecoins and central bank currencies, a move that would heavily help the company's business model.

As mentioned earlier, some events in the industry have led to many whispering of a so-called “crypto winter,” but Fernandez da Ponte said this does not bother him.

"There’s a lot of discussion about crypto winter, but it’s important to see beyond that," he said. "The macro trend [of broad crypto adoption] is undisturbed."