08/12/2022 Update: We are pleased to announce that all eligible PayPal account holders in the U.S. can now transfer, send and receive cryptocurrency with PayPal. Download the PayPal app or log in to your account to learn more.
Jose Fernandez da Ponte, Senior Vice President and General Manager, Blockchain, Crypto & Digital Currencies
We are thrilled to announce that starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges. This feature has been consistently ranked by users as one of the most requested enhancements since we began offering the purchase of crypto on our platform.
Available now to select U.S. users1 starting today and rolling out to all eligible U.S. customers in the coming weeks, this new functionality lets PayPal customers:
Allowing PayPal customers the flexibility to move their crypto assets (Bitcoin, Ethereum, Bitcoin Cash, or Litecoin) into, outside of, and within our PayPal platform reflects the continuing evolution of our best-in-class platform and enables customers to interact with the broader crypto ecosystem. Customers who transfer their crypto into PayPal can extend the utility of their crypto by spending using our Checkout with Crypto product at millions of merchants.
PayPal has also been granted a full Bitlicense by the New York Department of Financial Services (NYDFS) – becoming the first company to convert a conditional Bitlicense into a full Bitlicense – signaling our commitment to responsible innovation and expanding the accessibility and utility of digital currencies while fully complying with regulatory guidelines and best practices. Adding the ability to transfer, send, and receive cryptocurrencies is another step in our journey to building a more inclusive and effective financial system.
We’re excited to connect PayPal’s customers to other wallets, exchanges, and applications, and we will continue to roll out additional crypto features, products, and services in the months ahead. We look forward to hearing more customer and community feedback as we enhance our digital currency capabilities.
Below is a step-by-step by step guide on using our crypto transfer feature. To help ensure that transfers aren’t made without authorization, PayPal has also implemented an additional identity verification process, which is also described below.
The wallet address is created only for the coin you selected, not your PayPal account. To help protect your privacy, we generate a new “Receive” address each time you want to send crypto to your account. PayPal does not charge fees to transfer crypto into PayPal, but network and sender fees may apply. Processing times vary.
1 PayPal’s crypto services are not available in Hawaii.
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