PayPal adds crypto functionalities to the mobile app

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PayPal will let users transfer crypto to external wallets

California-based fintech giant PayPal adds cryptocurrency features to its mobile app. Starting from August 15, the application users can easily buy, sell, and transfer several cryptocurrencies: Ethereum, Bitcoin, Bitcoin Cash, and Litecoin.

According to the official website, the funds remain protected without any digital key. The mobile version will only support internal transfers and does not require a MetaMask account. Despite frequent hacks within the Web3 sphere, beginner cryptocurrency holders might be content with PayPal’s familiar interface.

On a side note, the website provides educational articles about cryptocurrency, volatility, and tax regulations. 

It’s worth noting that the mobile app allows users to start with a $1 balance. However, the company applies network fees when transferring crypto to or from PayPal accounts. Speaking of which, PayPal has been open to cryptocurrencies for two years now. The platform first introduced the option to buy, sell, and hold digital assets in October 2020.

In June this year, PayPal introduced a long-awaited feature that allows users to move cryptos to external wallets and exchanges. At the moment of writing, this and the new mobile functionality seems to be available for U.S. residents only.

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Any data, text, or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results.

Valeria Goncharenko

Valeria is a writer and creator, passionate about Web3, marketing, and fashion. She dedicates her spare time to photography and art direction and has recently minted an NFT collection.

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