- PayPal is the newest recipient of New York’s landmark virtual currency license.
- Users can move their crypto assets like Bitcoin, Ethereum, Bitcoin Cash, or Litecoin into, outside of, and within the PayPal platform.
- Users consistently ranked this feature as one of the most requested enhancements.
PayPal, the established payment company, has announced supporting the native transfer of cryptocurrencies between PayPal, other wallets, and exchanges. This is quite exciting news since users have repeatedly been requesting the feature to be implemented ever since PayPal started offering the purchase of crypto on its platform.
Making the news official, PayPal tweeted the same.
We’re excited to announce that PayPal will begin supporting the transfer of cryptocurrencies between PayPal and other wallets and exchanges. This feature is rolling out to all eligible US customers in the coming weeks. Learn more: https://t.co/PelvFv7eRW pic.twitter.com/YkzPOV7teq— PayPal (@PayPal) June 7, 2022
The New York Department of Financial Services, has offered a BitLicense and confirmed PayPal’s conversion on Tuesday.
NYDFS Superintendent Adrienne Harris said:
The conditional virtual currency license allows businesses to have well-regulated access to the New York marketplace through partnerships with licensed firms, ensuring that New Yorkers have access to a wide variety of virtual currency products with appropriate consumer protections. With PayPal’s conversion to a BitLicense, the conditional license is now a proven framework for licensure.
In an email, Andrea Donkor, PayPal SVP of Regulatory and Customer Compliance, said:
The future of safe and responsible innovation in crypto requires a strong partnership between regulators and industry. The NYDFS’ leadership has been critical in enabling PayPal to continue to provide greater inclusion and access to our customers responsibly.
On Tuesday, the payment company announced enabling customers to withdraw their cryptocurrency holdings to private or third-party wallets. Earlier, the company employed a walled garden, and customers were allowed only to buy or sell directly to fiat.
PayPal Senior Vice President of Blockchain, Crypto, and Digital Currencies Jose Fernandez da Ponte said:
We’ve also been very vocal from the beginning that we’re in this because we are a payments and commerce company, and we think that our role in the ecosystem is about increasing access.
Customers who transfer their crypto into PayPal can extend the utility of their crypto by spending using PayPal’s Checkout with Crypto product at millions of merchants.