PayPal Now Allows Users to Withdraw Crypto on External Wallets

PayPal has announced its customers can now transfer bitcoin (EXANTE: Bitcoin), ether (ETH), bitcoin cash (BCH) and litecoin (LTC) to external wallets, including exchanges and hardware wallets.

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Jose Fernandez da Ponte, Senior Vice President and General Manager, Blockchain, Crypto & Digital Currencies at PayPal, said in a press release that initially only select US users can use the new feature, with access for all eligible customers to arrive in the coming weeks.

However, in order to transfer crypto to external wallets, users will have to complete additional ID verification steps. PayPal says this process is only required once per user. In addition to expanded services, PayPal said it had also received a full Bitlicense by the New York Department of Financial Services.

“Adding the ability to transfer, send, and receive cryptocurrencies is another step in our journey to building a more inclusive and effective financial system,” Fernandez da Ponte added.

In March, PayPal CEO Dan Schulman said during the Axis Tel Aviv 2022 event that cryptocurrencies and blockchain will eventually revolutionize the financial system as in the future all financial transfers will be done with CBDCs, stablecoins and cryptocurrencies.

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