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California-based fintech giant PayPal has announced a new feature that allows users to move crypto funds off the platform.
PayPal has been open to digital currencies for almost two years now. In October 2020, the company introduced the possibility to buy, sell, and hold Ethereum, Bitcoin, Bitcoin Cash, and Litecoin. However, users could not move funds to external wallets and exchanges.
“This feature was the most demanded from our users since we began offering the purchase of crypto on our platform,” said SVP and general manager of blockchain, crypto, and digital currencies at PayPal, Jose Fernandez da Ponte.
The long-awaited functionality allows customers to transfer supported cryptocurrencies into PayPal and move them into external addresses like MetaMask or hardware wallets. Users may be charged network and sender fees when making external transfers, but there are no additional fees for transfers among PayPal users. According to the company, these transactions will only take “seconds” for completion.
“Starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges,” da Ponte said.
The new feature is already available for selected U.S. customers, and all eligible U.S.-based users will get access to the update within the next two weeks.
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