PayPal Users Can Now Transfer Their Cryptocurrency to External Wallets

pcmag.com:

Last year, PayPal began supporting cryptocurrency transactions, but there was a catch: You couldn’t receive or transfer any cryptocurrencies to an external wallet or even other PayPal users. 

The company is finally starting to lift that limitation. PayPal today began rolling out the option for US users to initiate cryptocurrency transfers with third-party wallets and exchanges as well as other PayPal users. “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,” the company said in the announcement(Opens in a new window). 

The feature will arrive for all users in the US within the coming weeks. Supported cryptocurrencies include Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

The system also promises to be easy to use, but it does require an ID verification check, which is usually initiated once per user. The ID check involves scanning a photo ID and the user’s face, and was likely created to help crack down on money laundering and other illicit schemes. 

In addition, PayPal warns any transfers made to external wallets are final and non-reversible. So users should double-check they’ve entered the correct information when moving the crypto assets. "PayPal does not charge fees to transfer crypto into PayPal, but network and sender fees may apply. Processing times vary," the company added.

To receive a cryptocurrency from an external wallet, PayPal will generate a unique address, which can be shared with the sender via a QR code. For moving an asset to an external wallet, users simply need to enter the external cryptocurrency wallet address. 

Any cryptocurrency stored in a PayPal account can also be used to buy from